GMAC is an example of how tangled financial engineering becomes when debt, leverage and inadequate reserves are employed. On November 30, 2006, GM sold a 51% controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, who has now given its leveraged position in Chrysler LLC to U.S. taxpayers in order to get out from under its failed investment there.
Trending Articles
More Pages to Explore .....