GMAC: Why the Bond-Exchange Silence? [View article]
The deal is done. Clearly the bondholders didn't stump up enough so the Fed came up with $5B + $1B to be invested through GM. It's preferred shares with an 8% div which isn't nearly enough of a deal. Rip-off city again. I'd guess the markets will love this one tomorrow.
GMAC: Why the Bond-Exchange Silence? [View article]
The deal is done. Clearly the bondholders didn't stump up enough so the Fed came up with $5B + $1B to be invested through GM. It's preferred shares with an 8% div which isn't nearly enough of a deal. Rip-off city again. I'd guess the markets will love this one tomorrow.