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Entries tagged "GMAC"GMAC board troubles BofA's CEO searchGMAC's ouster of CEO Alvaro de Molina does not bode well for his candidacy to succeed Bank of America's CEO Ken Lewis. Feinberg to bailed out bankers: Cut pay 90%Obama administration's pay czar, Kenneth Feinberg reportedly has ordered the seven firms receiving the largest sums of government aid to slash pay for the 25 highest-paid employees by up to 90% Happy birthday, TARP!The $700 billion Troubled Asset Relief Program was approved on Oct. 3, 2008, after the financial meltdown. So did it work? Busted auto deals drive off Cerberus investorsMonths after Cerberus' contrarian bets on Chrysler and GMAC were wiped out, the distressed investor is still seeing clients flee its family of hedge funds. Funny bankin' doesn't have to mean crisis bankin'The New York Times inexplicably lumps a tiny bank's marketing campaign with the rebranding of troubled institutions. GMAC Bank, it's time for a new nameTroubled lender GMAC has officially changed its unit's name as affiliated business General Motors closes dealers and gets closer to finalizing a deal with the United Auto Workers. Stress tests help banks' default swap spreadsSpreads on the credit default swaps of financials tightened last week as the stress tests results weren't as bad as first expected. GM ups lending promotions in GMAC bailout's wakeGeneral Motors Corp. and its finance arm GMAC LLC, which is fresh from a $6 billion bailout, are easing lending conditions to lure customers. The Detroit Free Press noted the move should give more customers access to loans, boost GM sales and possibly avoid bankruptcy. GM is offering reduced rate financing to consumers to urge them to "get back into the game," its vice president of North America vehicle sales, service and marketing, Mark LaNeve, said in a statement. ... A little TARP might not be enoughThe Dow Jones Industrial Average hit its lowest level in six years on Thursday as hopes of a bailout of the broken-down U.S. auto industry all but disappeared. Meanwhile, financial stocks skidded on fears that the Treasury Department's Troubled Asset Relief Program would not be enough to alleviate the credit crisis. ... FBR Capital's Peskoff is a busy manThe Deal's middle-market editor Nathaniel Baker asked panelists at the M&A Outlook 2009 conference on Wednesday where money is flowing.Jonathan Peskoff, managing director of investment banking in the M&A group at FBR Capital Markets Corp., said in this market he has been the busiest he's been in the last four years. One obvious reason is the credit meltdown. "Valuations are low," he said, "but to build business, private equity firms or cash-rich strategics are coming in and buying small companies. They are providing much needed cash and offering their deep management expertise to build those small businesses out."On the... Will GMAC drive away with rescue plan cash?Now, thanks to the U.S. government's $700 billion financial rescue plan, everyone wants to be a bank holding company, and joining that list is home and auto lender GMAC LLC, according to The Wall Street Journal. ... Is Cerberus forcing GM's hand?GMAC LLC is reportedly tightening its lending standards to the point where a large swath of General Motors Corp. customers may be unable to get financing to buy cars. Might this be part of GMAC's partial owner Cerberus Capital Management LP's efforts to strong-arm GM back to the table to discuss a deal to swap GMAC for Chrysler LLC?... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "GMAC." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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