GMAC May Receive Third Bailout From U.S. Government

Oct. 28 (Bloomberg) -- GMAC Inc., the lender that received two government bailouts totaling $13.5 billion, is in talks with the Treasury Department to receive a third lifeline, a person familiar with the matter said.

The U.S. government may inject an additional $2.8 billion to $5.6 billion into GMAC, the person said, declining to be identified because the transaction hasn’t been completed. The deal would involve the issuance of preferred stock, allowing the government to expand its 35.4 percent stake in the Detroit-based company if existing shares are converted into common equity, the person said.

“It’s outrageous that the taxpayers are being asked yet again to support a troubled enterprise,” said Sean Egan, president of Egan-Jones Ratings Co. in Haverford, Pennsylvania. “When will it end?”

The story above was a news item on bloomberg, I respond in my usual fashion.
Not again, when will these parasites stop?

I can see that the present government does not get it, when it comes to the economics of finance, and the limits of government intervention.
Throwing good taxpayers money at these blackened holes, bottomless usury shops, would not solve the issue at hand.
The way business is done by these institutions is the main source of failure. When these guys sat at their tables, fed fat on government, and customers fund, gambled away the main lifelines, they took huge bonuses and went home.When they set the entire nation's financial walls ablaze, we all felt trapped and helpless.
There was a loud call by many to rescue these thieves, I was amongst the few who felt, it did not make any financial sense to bail out these companies and their executives. Yet they did and the rest is both history and current affairs. We all have to pay the salaries of AIG, Bank of American, Goldman Sachs,Chase, and a host of others. The free ride does not stop there. They offered themselves astronomical amounts in bonuses! All on the back of taxpayers. Yes they can.

Save the people some, I say to the President and his economic handlers. Give the funds directly to the American people, release the unemployed from the yoke of the financial overlords. Small business need these monies more than the thieving executives.Mandate change to the foreclosure rules, keep the homeowners in their homes.
Change we can believe in, is one that truly lifts the middle income- to low income people while ensuring that the wealth of the nation is secured and preserved.

Do not give any more monies to these guys.
Before I sign off, check me out @www.bankole-hameedshehu.com or @ http://twitter.com/Ridwanalah.
I welcome your comments.