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U.S. bailout watchdog criticizes Treasury over GMAC

Reuters -- (Reuters) - The U.S. Treasury's decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday.

The Congressional Oversight Panel, in a new monthly report, said despite three separate bailouts totaling $17.2 billion, GMAC Financial Services continues to struggle with its troubled mortgage liabilities.

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Submitted Mar 11, 2010 By: MyVue08

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jwalkerh Champion Author Louisiana Posts:4,307 Points:1,009,680 Joined:Oct 2008	Message Posted: Mar 11, 2010 9:46:30 AM Ignore jwalkerh Report Abuse Financial help does not always help, generally it leads to a downfall later rather than sooner.
72_Monte Champion Author Twin Cities Posts:5,428 Points:1,531,205 Joined:Aug 2005	Message Posted: Mar 11, 2010 6:08:32 AM Ignore 72_Monte Report Abuse Government screwing up for the people.
silverfox63 Champion Author Michigan Posts:5,799 Points:1,154,695 Joined:Oct 2008	Message Posted: Mar 11, 2010 4:09:24 AM Ignore silverfox63 Report Abuse We the tax payer is going to lose big in this company that was bailed out by the government.
wegman Champion Author Twin Cities Posts:5,486 Points:1,626,560 Joined:Jun 2001	Message Posted: Mar 11, 2010 3:33:31 AM Ignore wegman Report Abuse The Democrats running Washington are more inclined to protect Big Labor (i.e. the UAW and its employer) than the general public. Detroit should have been allowed to fail, go through a REAL, HONEST, series of bankruptcies rather than the illegal shenanigans forced by Obama's Treasury that enriched the UAW and shafted legitimate creditors who had greater legal standing. That may have ended this squandering of taxpayer dollars at a lower level. We do have an option - regime change in November and again in November 2012. UAW companies will remain in trouble and we may be able to do the right thing next time.
Sam195 Champion Author San Bernardino Posts:5,750 Points:1,113,925 Joined:Oct 2008	Message Posted: Mar 11, 2010 3:29:08 AM Ignore Sam195 Report Abuse These bailouts are sickening.
1fulltank Champion Author Buffalo Posts:5,577 Points:1,086,245 Joined:Nov 2008	Message Posted: Mar 11, 2010 3:14:31 AM Ignore 1fulltank Report Abuse We'll see, after it has run it's full course.
spiderjay Champion Author Little Rock Posts:3,294 Points:956,955 Joined:Oct 2005	Message Posted: Mar 11, 2010 3:09:58 AM Ignore spiderjay Report Abuse why not they are bailing out everyone else but us
twobroke61 Champion Author Michigan Posts:6,045 Points:1,129,190 Joined:Sep 2008	Message Posted: Mar 11, 2010 3:01:29 AM Ignore twobroke61 Report Abuse if anybody needs a bailout it is us the taxpayer not the big companies that do not know how too manage there money now our money
findcheap Champion Author Los Angeles Posts:7,231 Points:1,541,920 Joined:Apr 2007	Message Posted: Mar 11, 2010 2:28:02 AM Ignore findcheap Report Abuse they didn't do it for GM's profit, but to save thousands of jobs of employees & their suppliers' employees
pbc2001 Champion Author Dallas Posts:2,316 Points:417,405 Joined:Feb 2009	Message Posted: Mar 11, 2010 2:13:59 AM Ignore pbc2001 Report Abuse Who knows what tomorrow will bring.
TPlayer All-Star Author Fort Wayne Posts:578 Points:149,375 Joined:Jan 2010	Message Posted: Mar 11, 2010 1:50:10 AM Ignore TPlayer Report Abuse It was sarcasm 'Itsajeepthing'... pull your head out of your jeep... Obviously there was some inside deal where someone profited by keeping GMAC out of bankruptcy... the same as AIG, the holder of congess' pension...
speedys Champion Author Utah Posts:4,659 Points:2,091,280 Joined:Nov 2005	Message Posted: Mar 11, 2010 1:47:15 AM Ignore speedys Report Abuse Like hell he should "safetycaptain".
millerok98 Sophomore Author Utah Posts:152 Points:409,835 Joined:Sep 2005	Message Posted: Mar 11, 2010 1:43:46 AM Ignore millerok98 Report Abuse Makes no sense to just give money to GMAC and all those "too big" banks without holding any accountability to them. Makes my future look brighter knowing my hard earned tax dollars are going to these companies that are wreck-less in their choices. And they do it because they know Uncle Sam using tax payers money will always bail them out.
idigau22 Champion Author Washington Posts:20,210 Points:2,803,350 Joined:Apr 2003	Message Posted: Mar 11, 2010 1:23:26 AM Ignore idigau22 Report Abuse RENEGADEGAS I agree with you! Lets take America back in 2010!!!!! Thank goodness people who care about America are starting to see the direction this Administration is taking our country, and we don't like it!!!
ItisAJeepThing Champion Author Tucson Posts:15,375 Points:1,683,405 Joined:Oct 2006	Message Posted: Mar 11, 2010 1:23:10 AM Ignore ItisAJeepThing Report Abuse safetycaptain, U R so full of it UR eyes are brown.
computernut2008 Champion Author Ohio Posts:4,250 Points:899,270 Joined:Oct 2008	Message Posted: Mar 11, 2010 1:20:54 AM Ignore computernut2008 Report Abuse There should have never been bail-outs
BobD2009 Champion Author Long Island Posts:4,577 Points:773,760 Joined:Apr 2009	Message Posted: Mar 11, 2010 1:17:18 AM Ignore BobD2009 Report Abuse The stimulus package aka porkulus and TARP, were costly big mistakes. Government oversight as inept as it is, is worse than no oversight.
GMVAN Champion Author Calgary Posts:4,390 Points:931,530 Joined:Apr 2009	Message Posted: Mar 11, 2010 1:15:04 AM Ignore GMVAN Report Abuse You can`t keep pumping money into them if there not going to be solvent.
RENEGADEGAS Champion Author Missouri Posts:12,049 Points:1,126,105 Joined:Jul 2008	Message Posted: Mar 11, 2010 1:11:08 AM Ignore RENEGADEGAS Report Abuse Should have never allowed the bailouts or the stimulus packages. This has spelled disaster for America from day one. The elections for 2010 are coming up. Lets not forget the grave this administration has dug for our great nation when we go to the ballot box.
SunTom Rookie Author Colorado Springs Posts:5 Points:21,780 Joined:Oct 2009	Message Posted: Mar 11, 2010 1:10:21 AM Ignore SunTom Report Abuse One thing the government is good at is throwing more good money after bad money. There is NO such thing as a company too big to fail. They should have been allowed to go belly up. The US as a whole would have been better off. [Edited by: SunTom at 3/11/2010 2:11:41 AM EST]
14of45SSR Champion Author Saskatchewan Posts:2,370 Points:829,040 Joined:Dec 2008	Message Posted: Mar 11, 2010 12:51:18 AM Ignore 14of45SSR Report Abuse GMAC shouldn't have gotten any bailout money...don't like them, they screw their customers & they should've been let go to fail...sending them down the drain to bankruptcy!
greenfog Champion Author Illinois Posts:4,154 Points:1,174,690 Joined:Feb 2008	Message Posted: Mar 11, 2010 12:48:29 AM Ignore greenfog Report Abuse sounds like all the head honchos at GMAC should be thrown out and make them repay their salaries and bonuses and what ever else they got. bring in all new blood and get their act straightened out.
EcoVore Champion Author Los Angeles Posts:3,533 Points:727,150 Joined:Jun 2008	Message Posted: Mar 11, 2010 12:45:03 AM Ignore EcoVore Report Abuse GM needs to concentrate on paying back the government & showing they are a viable company to keep much needed jobs here in states.
CruisinLinda Champion Author Tallahassee Posts:7,947 Points:1,621,420 Joined:Sep 2005	Message Posted: Mar 11, 2010 12:32:38 AM Ignore CruisinLinda Report Abuse If the feds had not invested in controlling interests of GM and GMAC, we see the impact to the economy of both companies failing would have been three times as much.
safetycaptain Champion Author Tampa Posts:3,089 Points:727,475 Joined:Nov 2009	Message Posted: Mar 11, 2010 12:31:07 AM Ignore safetycaptain Report Abuse Maybe O'bummer should bail out the falling toyota... Hmmm...Hmmm...Hmmm...
96sc1 Champion Author El Paso Posts:7,440 Points:1,141,455 Joined:Mar 2008	Message Posted: Mar 11, 2010 12:26:12 AM Ignore 96sc1 Report Abuse We need guard dogs, not watchdogs.
WhiteTreeIndian Champion Author New Jersey Posts:3,378 Points:667,470 Joined:Dec 2009	Message Posted: Mar 11, 2010 12:26:07 AM Ignore WhiteTreeIndian Report Abuse Gov't should bail themselves and the States out but not be involved in any private businesses.
craigsf38 Champion Author Rochester Posts:3,412 Points:1,045,005 Joined:Jun 2008	Message Posted: Mar 11, 2010 12:22:16 AM Ignore craigsf38 Report Abuse They want money that's all. I wonder what the bonuses were this year.
Mooseman1 Champion Author Manitoba Posts:7,291 Points:1,378,195 Joined:Jul 2007	Message Posted: Mar 11, 2010 12:21:57 AM Ignore Mooseman1 Report Abuse Even though Toyota has a few issues, at least they haven't used bailout money to cushion them.
sjambok Champion Author Nashville Posts:7,958 Points:1,646,525 Joined:Apr 2006	Message Posted: Mar 11, 2010 12:19:31 AM Ignore sjambok Report Abuse 250: probably higher than AIG doled out. Maybe, they had a Christmas party, too.
250FORD Champion Author Minnesota Posts:8,265 Points:1,303,335 Joined:Feb 2007	Message Posted: Mar 11, 2010 12:18:10 AM Ignore 250FORD Report Abuse They want money thats all. I wonder what the bonuses were this year.
ifallsguy Champion Author Minnesota Posts:4,420 Points:1,212,705 Joined:Apr 2007	Message Posted: Mar 11, 2010 12:13:44 AM Ignore ifallsguy Report Abuse Folks, the president wanted an elevator and gave us the shaft
grouch311 Champion Author Illinois Posts:6,021 Points:1,153,490 Joined:Jun 2007	Message Posted: Mar 11, 2010 12:10:53 AM Ignore grouch311 Report Abuse we got shafted and we're still getting it now
9C1 Champion Author Chicago Posts:20,397 Points:3,787,835 Joined:Jul 2001	Message Posted: Mar 11, 2010 12:08:56 AM Ignore 9C1 Report Abuse Pay attention to what is happening in Greece. If we don't bail out these Bozos what happens in Greece will happen here.
jeromehasbargen Champion Author Minnesota Posts:3,198 Points:626,670 Joined:Jan 2009	Message Posted: Mar 11, 2010 12:08:55 AM Ignore jeromehasbargen Report Abuse I would like to know when they are going to do a student loan bailout on all of us that have over $50,000 in student load debt and are having a hard time paying it off. I'm set up now so I only pay interest but at that rate it will never get paid off. There is a "loophole" though, the debt will be canceled when I die or in 25 years, which ever comes first.
roadrunnerMO Champion Author Kansas Posts:5,986 Points:1,232,185 Joined:Jul 2008	Message Posted: Mar 11, 2010 12:08:41 AM Ignore roadrunnerMO Report Abuse Should not have bailed out the auto makers either.
benjy Champion Author Chicago Posts:6,864 Points:1,364,215 Joined:Nov 2003	Message Posted: Mar 11, 2010 12:08:33 AM Ignore benjy Report Abuse The rich stay rich.....
Gary65 Champion Author Toronto Posts:1,501 Points:511,655 Joined:Jan 2009	Message Posted: Mar 11, 2010 12:06:23 AM Ignore Gary65 Report Abuse What can you do but print more and more money until monopoly money is worth more than the dollar.
cutter1330 Champion Author Oklahoma Posts:5,713 Points:1,228,490 Joined:Jul 2005	Message Posted: Mar 11, 2010 12:05:20 AM Ignore cutter1330 Report Abuse Let them fail.
granitestater Champion Author New Hampshire Posts:6,309 Points:1,017,395 Joined:Oct 2008	Message Posted: Mar 11, 2010 12:03:54 AM Ignore granitestater Report Abuse This is under the old "pay me now or pay me later" conundrum. Bail them out now or suffer the consequences of a big financial collapse later...
visitor_2 Champion Author Orlando Posts:1,022 Points:1,233,775 Joined:Aug 2006	Message Posted: Mar 11, 2010 12:02:14 AM Ignore visitor_2 Report Abuse Let's print some more money
furiousfowl Champion Author Riverside Posts:14,615 Points:2,321,825 Joined:May 2005	Message Posted: Mar 10, 2010 11:59:05 PM Ignore furiousfowl Report Abuse taxpayers screwed again, shoulda let them go bankrupt
jay4 Champion Author Colorado Springs Posts:5,792 Points:1,326,080 Joined:Apr 2006	Message Posted: Mar 10, 2010 11:55:46 PM Ignore jay4 Report Abuse ..."may have"... sounds perhaps, maybe, subjunctive, not very declarative, so where's the story?
NHLiveFree Champion Author New Hampshire Posts:7,201 Points:1,170,135 Joined:Jun 2008	Message Posted: Mar 10, 2010 11:55:15 PM Ignore NHLiveFree Report Abuse Have the Big Banks bailout GMAC. What a waste!
Saturn93 Champion Author Salt Lake City Posts:6,566 Points:1,487,875 Joined:Oct 2006	Message Posted: Mar 10, 2010 11:52:13 PM Ignore Saturn93 Report Abuse Enough bailouts funded by taxpayers.
pinkelefant Champion Author Sacramento Posts:16,951 Points:2,194,890 Joined:Aug 2003	Message Posted: Mar 10, 2010 11:50:58 PM Ignore pinkelefant Report Abuse Not over yet
NorthglennBill Champion Author Denver Posts:5,189 Points:1,015,395 Joined:Oct 2008	Message Posted: Mar 10, 2010 11:44:42 PM Ignore NorthglennBill Report Abuse People are still having a hard time paying their bills. No new news here.
nightworker998 Champion Author Maryland Posts:1,174 Points:506,240 Joined:Mar 2009	Message Posted: Mar 10, 2010 11:40:59 PM Ignore nightworker998 Report Abuse So they can join the club.
rxman1 Champion Author Toledo Posts:6,996 Points:1,396,195 Joined:Nov 2007	Message Posted: Mar 10, 2010 11:40:21 PM Ignore rxman1 Report Abuse All of these bailouts could have fixed Social Security and Medicare.
danreino Champion Author Twin Cities Posts:6,270 Points:1,142,195 Joined:Mar 2008	Message Posted: Mar 10, 2010 11:39:36 PM Ignore danreino Report Abuse The megabanks were just as bad as these.