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30. October 2009 by admin.
From Detroit News—-
…..But Sen. Bob Corker, R-Tenn., blasted plans Thursday to give GMAC more aid.
“Continuing life support to an institution like GMAC is a major mistake,” Corker said. “At what point are we going to stop propping up zombie institutions to support industrial policy through our banking system?”
GMAC spokeswoman Gina Proia said the company is working hard to transform itself.
“We intend to comply with the Federal Reserve’s final assessment on any additional capital they determine is needed at GMAC,” she said. “The management team at GMAC has been executing an unprecedented number of initiatives to transform the company, restore financial health and maximize the investment by our shareholders. … GMAC is a key part of the solution to support the U.S. auto industry by making the appropriate level of credit available to consumers and businesses, including auto dealers.”
http://politics.nashvillepost.com/2009/10/29/corker-speaks-out-against-new-plans-to-prop-up-gmac/
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