General Motors Co. — which owned the auto and mortgage lender Ally Financial Inc. until 2006 and still holds a 9.9 percent stake in the company — said it will consider a bid for Ally’s foreign operations.
GM CEO Dan Akerson told Bloomberg News on Monday that the Detroit automaker may buy if the price is right…
Ally’s troubled mortgage unit Residential Capital LLC filed for Chapter 11 bankruptcy early Monday, as the Detroit-based Ally said it may sell its international businesses.
Let’s not get ahead of ourselves, shall we, Mr. Akerson?
At least $15 billion of the auto bailout loss is gone forever. The rest we own in stock.
We still own 500+ million shares of General Motors (GM), which is currently trading at an anemic, pathetic sub $22–which is down more than a third from the post-bankruptcy IPO price.
Let us ponder that precipitous drop for but a moment.
Leave a Reply