Miss-Managed by Insiders GMAC, To Get Another $3.5B of U.S. Taxpayer Money - Time To get Mad We Say

But First Snide's Remarks: The above headline is mine, the report from the WSJ.
Once again the fine folks (former Vice President Dan Quayle and former Treasury Secretary John Snow, other DC insiders and wall street scum amongst them) at Cerberus management, the insiders who bought GMAC from GM and took Chrysler to bankruptcy and after already pocketing $12.5 billion of bailout money, the proceeds of a $225 million mortgage on Chrysler's Headquaters complex along with the millions of dollars from Daimler to take Chrysler off their hands (I am still trying to find out if Cerberus actually lost any money on their Chrysler debacle, and who now control all GM and Chrysler dealer floor plan financing and who are paying their failing execs big bucks), now say they need more of your money to “help” America survive... no wonder there are so many angry folks out there...enough is enough we say... what say you? msnide@theautochannel.com .
For more on this troubling situation just Google “Cerberus GMAC Crooks” and see why we at TACH wonder if anyone in Washington DC really gives a shit about our fellow citizens and not Business as Usual?

SEE ALSO: Why is GMAC Paying Dividends While It Begs the Taxpayer for Money?
SEE ALSO: Billion Dollar GMAC Bailout Despite Chairmanship by Madoff Crony J. Ezra Merkin
SEE ALSO: Madoff Crony Ezra Merkin Resigns as GMAC Chairman
SEE ALSO: Bush Cronies Behind (reason for) Bush's $17 Billion Automotive Give-away, According to Michael Savage

NEW YORK December 30, 2009; Reuters reported that GMAC Financial Services is expected to receive $3.5 billion more in federal aid to further stabilize the automotive lender, The Wall Street Journal reported Tuesday.

The announcement is expected within days and would coincide with GMAC taking more steps to absorb losses related to its mortgage operations, the newspaper reported, citing people familiar with the situation.

GMAC, which is based in Detroit, has received $12.5 billion in taxpayer money and is 35 percent owned by the federal government. Results of the federal government's "stress tests" earlier this year demanded that GMAC raise an $11.5 billion capital cushion to help it weather further economic decline. GMAC was unable to raise the funds privately.

GMAC spokeswoman Gina Proia declined comment on the newspaper report but said the company "has been conducting a strategic review of its business and evaluating options to address the challenges in its mortgage operation."

Proia said GMAC was trying to position itself to improve its financial performance and repay the U.S. government.

Treasury spokesman Andrew Williams also declined comment on the report but reiterated that Treasury is in discussions with GMAC "to ensure its capital needs" as determined by the stress tests.

GMAC, instrumental to the operations of automakers General Motors Co. and Chrysler Group LLC, has been in negotiations with Treasury officials for months over additional taxpayer aid.

Michael Carpenter, who succeeded Alvaro De Molina as the company's chief executive officer in November, has said the company would need no more than $5.6 billion in aid. Lawmakers estimated the company would receive between $2 billion and $5 billion in additional aid.