Good for them. :tup:
X…
It is the first company that I have seen that goes out and buys deeper and buys more paper right after they get tarp funds
This can’t be good:
The lending arm of General Motors Corp. says it raised $17.5 billion in the exchange offer with noteholders, while its home-loan segment, Residential Capital, raised $3.7 billion.
The announcement comes after GMAC was promised a total of $6 billion in aid from the Treasury Department. That would bring the total amount of cash raised or promised to $27.2 billion – $2.8 billion shy of the $30 billion needed for the lender to become a bank holding company.