Fire Sale At General Motors
The situation at General Motors (GM) must be bad. Reports out this morning from MarketWatch have the firm selling a chunk of its lending arm, GMAC. The stunner is the price.
"The money, which the Wall Street Journal says could come to as much as $1 billion, would help the world's biggest automaker grapple with its poor North American car sales." A billion dollars? As this blog has reported previously, GM needs many times that amount in the coming months. And this is the profit center we are talking about, one can imagine how little the manufacturing division is worth.