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James Quinn
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James Quinn is a senior director of strategic planning for a major university. James has held financial positions with a retailer, homebuilder and university in his 25-year career. Those positions included treasurer, controller, and head of strategic planning. He is married with three boys and... More
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TheBurningPlatform.com
  • GMAC LOSES $3.9 BILLION

    Is anyone out there? Knock. Knock. This freaking joke of a company just lost $3.9 billion in one freaking quarter. They lost $675 million in the 1st quarter. Then the government told them to start letting subprime borrowers get car loans. Ever see those sleazy Ditech Mortgage ads. Guess what. Ditech is really GMAC. We have poured $13.5 billion into this Titanic of a company as the band is playing and the ship is sinking.

    When you see some scumbag driving a BMW you can be sure that it was financed through GMAC and you are footing the bill. How can we allow this to continue?

     

    GMAC May ‘Put ResCap Out of Its Misery,’ CreditSights Says

    By Laura Marcinek

    Aug. 5 (Bloomberg) -- GMAC Inc., the auto lender that took $13.5 billion of U.S. bailout funds, may cut losses and the need for capital by sending its home mortgage unit, Residential Capital LLC, into bankruptcy, according to CreditSights Inc.

    ResCap lost at least $1 billion per quarter since the third period of 2007 and may breach capital covenants in the current quarter, said a report dated yesterday from CreditSights, the debt-rating firm. Detroit-based GMAC could keep ResCap’s “remaining good assets” and leave behind $11.4 billion of debt in a bankruptcy, said the report, which asked whether it was “time to put ResCap out of its misery.”

    GMAC was asked about getting rid of ResCap during a conference call with analysts yesterday after the parent company posted a $3.9 billion second-quarter loss -- the biggest among all U.S. lenders -- including an $841 million deficit at ResCap. GMAC’s total mortgage operations lost $2 billion before taxes, CreditSights said.

    “The future value may have fallen below the cost of keeping ResCap alive,” said the report, whose New York-based authors included Adam Steer and David Hendler. “We see no real pragmatic reason for GMAC to absorb another $2 billion-plus quarterly hit.”

    GMAC must raise $5.6 billion to fill a capital gap found by U.S. stress tests earlier this year. ResCap accounted for a “substantial portion” of losses in the tests, and GMAC could reduce the need for capital by separating itself from the Minneapolis-based mortgage unit, CreditSights said.

    “We do believe there is core competency in the U.S. origination business,” GMAC spokeswoman Gina Proia said. “In the past we’ve supported ResCap as long as we believe it’s in the best interest of GMAC stakeholders.”

    To contact the reporter on this story: Laura Marcinek in New York at lmarcinek2@bloomberg.net

    Aug 05 1:38 PM | Link | Comment!
  • WHITE HOUSE TELLS YOU TO TURN IN TRUTH TELLERS - ORWELL'S 1984

    It is beyond belief. This is the United States President's website requesting that all emails that are contrary to Obama's healthcare spin be turned in to them.

    WHY? 

    WHAT WILL THE WHITEHOUSE DO WITH THE EMAIL ADDRESSES? 

    WILL THEY BE COMPILING AN ENEMIES LIST? aka Nixon

    OBAMA SEES HIS SOCIALIST MASTER PLAN STARTING TO FAIL. THE TRUTH TELLERS ARE THE ENEMY.

    LET'S CLOG THEIR EMAIL ADDRESS WITH SPAM AND ANY OTHER BS YOU CAN THINK OF.

    BIG BROTHER IS WATCHING

     http://www.whitehouse.gov/blog/Facts-Are-Stubborn-Things/

     


    TUESDAY, AUGUST 4TH, 2009 AT 6:55 AM
    Facts Are Stubborn Things
    Posted by Macon Phillips

    Opponents of health insurance reform may find the truth a little inconvenient, but as our second president famously said, "facts are stubborn things."

    Scary chain emails and videos are starting to percolate on the internet, breathlessly claiming, for example, to "uncover" the truth about the President’s health insurance reform positions.

    In this video, Linda Douglass, the communications director for the White House’s Health Reform Office, addresses one example that makes it look like the President intends to "eliminate" private coverage, when the reality couldn’t be further from the truth.

    For the record, the President has consistently said that if you like your insurance plan, your doctor, or both, you will be able to keep them.  He has even proposed eight consumer protections relating specifically to the health insurance industry.

    There is a lot of disinformation about health insurance reform out there, spanning from control of personal finances to end of life care.  These rumors often travel just below the surface via chain emails or through casual conversation.  Since we can’t keep track of all of them here at the White House, we’re asking for your help. If you get an email or see something on the web about health insurance reform that seems fishy, send it to flag@whitehouse.gov.


     

    Aug 05 1:37 PM | Link | 14 Comments
  • U.S. DEBT CLOCK.ORG
    All 535 elected Congressmen need to have this website on their computer screen every day.

    http://www.usdebtclock.org/

    This is a picture of unsustainablity.
    Aug 05 12:34 PM | Link | 1 Comment
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