No business plan for GMAC?

GMAC is on the ropes? That’s right, after over $17 billion in US taxpayer bailout funds this is the new headline ” Congressional panel says GMAC has no business plan; suggests break up” We need some answers fast! Maybe Alan Mulally could right this ship?

From Automotive

WASHINGTON — GMAC Inc. still has no business plan even after receiving a $17.2 billion investment from the government, and the Treasury Department has been lax in making sure that the bank repays taxpayers, a congressional panel said today.

“The panel is deeply concerned that Treasury has not required GMAC to lay out a clear path to viability or a strategy for fully repaying taxpayers,” said the Congressional Oversight Panel, which was created to oversee Treasury’s spending of Troubled Asset Relief Program funds.

Treasury should consider the possibility of breaking up GMAC and merging its auto-finance unit back into General Motors Co., the panel said in a statement.

Read the full article here.

Photo from fOTOGLIF


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