The Corner

GM’s Broken Promises

On the eve of yet another bailout for GMAC, I’ve written a piece on the five biggest promises that GM, GMAC and the administration have broken in the past year. Broken promise no. 1: GM will not require another bailout.

Technically, GM and GMAC are separate companies, but if the former weren’t so heavily reliant on the latter, Treasury would probably have allowed GMAC to fail. The company is not “systemically significant.” Its mortgage-banking unit — the unit that got it into so much trouble — is smaller than several other mortgage banks that were allowed to go broke. The expected bailout, which would be GMAC’s third, is all about saving GM. Again.

GMAC and Treasury are reportedly still negotiating the terms of the deal. My guess is that it will be another of the administration’s Friday night specials.

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