GMAC To Plunge Deeper Into Taxpayer Pocket

"GMAC, which has already received a direct taxpayer donation of $13.5 billion, and has recently been accused of poaching depositors with higher rates than permitted by the FDIC, is turning to the very same FDIC with the hopes of now issuing FDIC-guaranteed debt. Never one to miss a well-engineered rally which JPM, MS and AXP already capitalized on and sold yet more shares at ridiculous valuations, Bloomberg reports that GMAC will be coming to market shortly with a TLGP issue. "