Citazione:
Originalmente inviato da i98mark
Ciao Max, sono d'accordo con Methos nella sostanza ... devo dire tuttavia che il calabrone potrebbe continuare a volare, se zio Sam continua a mettere i propri soldi dentro GMAC... ed ha già il 35% del capitale azionario...
E' una di quelle situazioni falsate, tipo Alitalia, per intenderci... può durare nel tempo, e chi lo sa, magari nel breve, se arrivano i soldi pubblici su cui si sta negoziando, i bond di ResCap fanno pure un bel balzo in avanti...
Tieni conto che se GMAC è messa male, ResCap raccoglie la parte più "tossica" degli asset del gruppo... diciamo che, in sostanza, è tenuta a galla da GMAC...
La prudenza suggerirebbe di uscire, ma suoi tempi come si fa a dare una indicazione ?  |
Surprise, surprise — GMAC
needs more money. As you may recall, GMAC was the one institution that got a C- on the stress tests this spring that were impossible to fail. I imagine the analysts at the Fed really wanted to give it an F, but they couldn’t. In any case, it seems that GMAC is too big to fail, because of its importance to the auto industry.
Yves Smith says, “The reason for more dough to GMAC is so GM and Chrysler can continue to finance auto purchases, not as a result of greater than expected losses on its existing portfolio. So this is cash for clunkers under another brand name.”
Again, not surprisingly, the government is treating the 50% ownership threshold as some sort of magic line. From the
Times article:
“With all three helpings of federal aid, it is possible that the government could wind up owning at least half of the company. But GMAC and Treasury officials are discussing ways to structure the investment in a way that could limit the government’s ownership interests. One possible option would be to also ask some of its private preferred stockholders to convert their investments into common stock.”
So I have two ideas. The first is that if we put more money in GMAC, we should divide it in two and let the mortgage lending part fail. If we insist on keeping the whole thing afloat, that means we are subsidizing both the auto lending part (which is supposedly critical to the economy) and the mortgage lending part (which isn’t).
Fixing GMAC: Paging JPM -- Seeking Alpha