- spooling up its own bid for a federal bailout. GMAC wants to mimic American Express, Goldman Sachs and others that converted to bank holding companies and then tapped the TARP.
- lost most of its $1.8 billion in assets in the Madoff scandal, according to the New York Times.
So, sure, let's give billions in federal funds to a guy who blows almost $2 billion of his and his clients' money on a Ponzi scheme.
- GMAC got to the point of begging the government for cash because
- it was a major peddler of subprime mortgages, many of them through its DiTech division.
Now, to borrow from DiTech's annoying marketing slogan, it may be taxpayers who will lose another loan to DiTech."