01-02-2010, 02:07 AM
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CC Member
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Join Date: Nov 2009
Location: Edmond,
Ok
Cobra Make, Engine: Classic Roadsters
Posts: 630
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GMAC is a bank not a factory. It was GM's finance arm. They agreed to end deal with GM to accept bailout money last year. They have no union members.
GE's finance arm GEMONEY is also loosing money. $140 billion bailout. They are not union either.
Ford took no bailout money. $1 billion in profits 3ed quarter 2009. They are union.
This is just more money to the nonunion banks.
GM announced it will pay $1 billion per quarter until $8 billion loan is paid off (it's only the first portion of bailout money). They also took about $42 billion more TARP money.
Last edited by sunman; 01-02-2010 at 03:16 AM..
Reason: add was gms finance arm
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