Is GMAC worth saving? The answer to that is easy, no, it’s not worth it. GMAC has made so many bad loans it’s not even funny anymore. This company ran it’s self into the ground. But the U.S. Treasury Department doesn’t care about that. That’s because they’ve given them billions of dollars in loans, which will turn into over 35 percent in equity stake. That‘s right, the U.S. Government will become part owner of GMAC, as well as GM down the road.

What really needs to happen is let these companies fall into bankruptcy. After all, the end result will be GM falling into bankruptcy. There’s no way their going to get bond holders to go along with Obama’s scam. The last time I checked the U.S. Government was going to take like 70 percent of GM, the auto works are going to take 15 percent and leaving only 10 percent for bond holders. By the way, the bond holders are owed the most amount of money, so why would they end up getting scammed? Anyway, bond holders aren’t going to take that deal, so the U.S Government needs to stop feeding GMAC money as well as GM.