General Motors & Ally Financial
General Motors Company , commonly known as GM, formerly incorporated (until 2009) as General Motors Corporation, is an American multinational automotive corporation headquartered in Detroit, Michigan and the world's largest automaker, by vehicle unit sales, in 2011. Ally Financial Inc., previously known as GMAC Inc. (an acronym for General Motors Acceptance Corporation), is a bank holding company headquartered in Detroit, Michigan, United States at Tower 200 of the Renaissance Center. /5
General Motors Ally Financial American International Group Special Master Master Chief Lest We Forget Chief Inspector President Barack American Motors Tom Hanks Inspector General Vice President Joe President Barack Obama Dan Akerson George W. Bush President Obama
Long divorced, Ally & General Motors have fresh reasons to spat. CEO doesn't mince words in chat w/
What pisses off Ally's CEO? General Motors. Not your everyday earnings story from
Ally Financial Inc. is doing more leasing, more used-vehicle loans and more loans to dealerships with brands other than those of General Motors and Chrysler, all in line with a strategy it previously laid out.
The more things "hope and change", the more the stay the same! “While taxpayers struggle to overcome the recent financial crisis and look to the U.S. government to put a lid on compensation for executives of firms whose missteps nearly crippled the U.S. financial system, the U.S. Department of the Treasury continues to allow excessive executive pay,” the [Inspector General's] report said. In 2012, the pay czar acceded to company requests in approving multimillion-dollar pay packages and pay hikes for top executives at General Motors, AIG and Ally Financial. The Special Master approved all 18 pay raises requested by the companies, for a total of $6.2 million, and approved pay packages of at least $1 million for 68 of the 69 employees at the companies it was overseeing, the report found. The report also points to a case where the Treasury approved a $50,000 raise when the company’s reasoning was just that they wanted to “do a little extra for him.” The Treasury’s own rules say salaries should ra ...
An extra $6.2 million was awarded to just 18 employees at General Motors (GM), Ally Financial and American International Group (AIG), which received a total of more than $250 billion in bailout funds. In 2012, the Office of the Special Master for TARP Executive Compensation approved pay packages of…
A report from the special Inspector General for the Troubled Assets Relief Program said the government’s pay czar signed off on $6.2 million in raises for 18 employees at bailedout General Motors, Ally Financial and American International Group. The chief executive of a division of AIG received a $1 million raise, while an executive at GM’s troubled European unit was given a $100,000 raise. In one instance, an employee of Ally’s Residential Capital was awarded a $200,000 pay increase weeks before the subsidiary filed for bankruptcy.
"68 out of 69 executives at Ally Financial, the American International Group and General Motors received annual compensation of $1m or more"
In a move that welcomes former pieces of General Motors back into the fold, GM Financial has reached a deal with Ally Financial, formerly GMAC, to buy a
By Liz Peek; In the second presidential debate, Mr. Obama attacked early on, saying, “Governor Romney said we should let Detroit go bankrupt.” Note to Obama fans: GM did go bankrupt – filing for Chapter 11 protection against its creditors on June 1, 2009. It’s what happened next that the president can take credit for – a handout of $49.5 billion in taxpayer money to GM, some $27 billion of which remains outstanding, and another $17 billion to its financial arm Ally Financial, which still owes $14.7 billion. In other words, Obama didn’t save General Motors; American taxpayers did, with an assist from the Federal Reserve. While liberals rant about the bailouts of Wall Street, it is worthwhile noting that of the $417 billion in TARP funds spent to stabilize the economy, only $65 billion has yet to be repaid – and more than half of that is owed by GM and Chrysler. The latest TARP report from the Congressional Budget Office says that the government invested nearly $80 billion in those two auto gi ...
Wake up my Democratic friends . Don't drike the Koolaid ! Comments 539 The Democrats have decided to run in 2012 as the bailout party. It is an odd choice — the 2008–09 bailouts were deeply unpopular among the general public, and even their backers were notably conflicted about the precedent being set and the ensuing moral hazard. But Democrats have nonetheless made one of the most abusive episodes in the entire bailout era their economic cornerstone: the government takeover of General Motors. The GM bailout was always an odd duck: The Troubled Asset Relief Program (TARP) was created in order to preserve liquidity in the financial markets by heading off the collapse of key financial institutions that had made catastrophically bad bets on real-estate securities — nothing at all to do with cars, really. GM’s financial arm, today known as Ally Financial, was in trouble, but GM’s fundamental problem was that its products were not profitable enough to support its work-force expenses. A single dominan ...
General Motors has made a bid for Ally Financial's international operations, about two months after CEO Dan Akerson said he'd like to buy the business.
Taxpayers are continuing to lose money from the auto industry bailout given to General Motors by the Obama administration. A recent drop in GM stock prices means the government will lose $25 billion on the bailout. The Obama administration spent $80 billion to dig GM and Ally Financial, the company's former finance arm, out of its debt. But so far, the government has only been paid back $37 billion. Currently, the government owns 500 million shares of General Motors stock. But the stock price dropped 15 percent between late February and May, costing taxpayers another $3.3 billion. The Obama administration still touts the auto bailout as a success, saying the move saved more than a million jobs and helped create 250,000 more auto industry jobs. "I believe in this American industry, and now the American auto industry has come roaring back and GM is No. 1 again," President Obama has said. "So now, I want to do the same thing with manufacturing jobs not just in the auto industry, but in every industry." Seton ...
General Motors' falling stock price has pushed up the government's loss estimate for the U.S. auto industry bailout. The Treasury Department says in a report to Congress that the estimated bailout loss has grown to $25 billion. That's up from the government's previous estimate of $21.7 billion. The latest report estimated the loss as of May 31. GM shares have fallen from $33 in a 2010 initial public stock offering to $22.20 on May 15. They've dropped even more since then. GM stock closed Monday at $20.49, down 5 cents a share. The government spent about $80 billion to bail out GM, Chrysler and Ally Financial. So far it's gotten back just over $37 billion. But the government still owns stakes in GM and Ally that it can sell.
General Motors made a bid to buy Ally Financial YET the government still owns 74% of GM financial arm (GMAC) when it melted in 2008. So they can buy Ally but not buy out the government's interest in GMAC?
General Motors said that it submitted a bid for Ally Financial's international operations, a move that would more than double the assets of its financing arm, but also significantly increase its debt.
General Motors wants to acquire Ally Financial's international operations, GM said in a regulatory filing today. GM's lending unit, GM Financial, bid on Ally's international operations last month, GM said in a filing with U.S.
Treasury freezes pay for CEOs at Ally Financial, GM, AIG - The chief executives of General Motors , AIG, and Ally...
Ally, formerly an arm of General Motors, needed a $17.2 billion bailout to survive the mortgage crash.
GM Could Buy Ally Financial's International Auto Lending Business: General Motors confirmed that it is intereste...
--Ally says ResCap bankruptcy and international business sales will leave company in stronger position --Company has no definite plans for an IPO --GM interested in Ally's international operations (Adds details about mortgage-servicing rights in 12th paragraph, General Motors comment in 15th paragra...
Ally Financial, which still owes the government about two-thirds of the $17.2 billion in emergency loans it received as part of the General Motors and Chrysler rescues, is nudging its residential mortgage subsidiary into Chapter 11 bankruptcy to shed toxic mortgage-related securities.
President Barack Obama’s re-election strategy, according to Vice President Joe Biden, is built on the fact that Osama bin Laden is dead and General Motors is alive. This narrative is the focus of a new campaign video narrated by Tom Hanks. But it’s far past time for the Obama administration to start being honest about the details of how GM survived – and how much taxpayers are still owed by the auto giant. Instead, in the video, viewers are told GM repaid its loans. That is a bald lie. According to the Troubled Asset Relief Program’s Inspector General, taxpayers are still owed $27 billion for the TARP funds given to GM and $14.5 billion more for TARP funds given to Ally Financial, which used to be GMAC, the automaker’s financing arm. Not only does GM owe the biggest chunk of the $119 billion in TARP loans that have yet to be repaid, it has the worst record of any major recipient. Chrysler and its financing arm have paid back all their loans. Ford never took a TARP dime. This is not a simple succ ...
Top executives at three companies bailed out by U.S. taxpayers during the 2008 financial crisis were ordered to take pay cuts by the federal government. The Treasury Department says nearly 70 executives at American International Group, Ally Financial and General Motors had their annual compensation reduced by 10%. The CEOs of each company had their pay frozen at 2011 levels. All three companies have yet to repay what they received from the $700 billion bailout and therefore are subject to pay cuts. AIG still owes taxpayers around $50 billion. General Motors owes about $25 billion. Ally Financial about $12 billion. Even with the compensation freeze, the chief executives are expected to be well paid this year. GM CEO Daniel F. Akerson is expected to earn $9 million in stock and salary this year. Ally Financial's CEO Michael A. Carpenter is set to earn $9.5 million in total compensation. AIG CEO Robert Benmosche will make $10.5 million.
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