GMAC, una barzelletta vivente...
Divenuta holding bancaria insieme con CIT, SLM e le banche di affari, è stata assoggettata allo stress test insieme con il resto della compagnia ed è risultata priva dei capitali per tirare avanti di qui al 2011 (data alla quale si esaurisce la portata dello stresso test: chi volesse capire perché, dia un'occhiata ai più recenti post sul 3D dell'HY).
Ebbene, con il costo del denaro a zero, GMAC è risultata la sola fra queste istituzioni che non ha trovato nessuno disposto a farle credito, facendo anche peggio di CIT.
Pare si vada ad un terzo giro di aiuti da parte dello zio Sam (il Pantalone a stelle e strisce...
), che rischia - un po' per volta, attraverso l'acquisizione di quote azionarie contro finanziamenti, la conversione di preferred shares in azioni ordinarie ecc. ecc. - di ritrovarsi padrone dell'intero immondezz... ehm della quota di maggioranza della finanziaria...
Treasury, GMAC in talks for 3rd round of US aid
Treasury says auto lender GMAC in talks for billions more in taxpayer funds to boost capital
- On 9:43 am EDT, Wednesday October 28, 2009
NEW YORK (AP) -- GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
The Treasury Department mandated earlier this year that GMAC Financial Services raise an additional $11.5 billion in capital after undergoing a "stress test" along with 18 other banks. While other banks deemed undercapitalized have been able to raise funds from private investors, GMAC has been forced to go back to the government.
GMAC is a crucial player in the U.S. auto industry, providing wholesale financing to many General Motors and Chrysler dealerships to pay for the vehicles on their lots. The company also operates a mortgage lending unit -- Residential Capital -- which has been pummeled by the housing market downturn. It also runs an insurance unit and an online banking unit called Ally Bank.
A Treasury Department spokesman confirmed that it was in talks with GMAC about a third helping of aid. The government already owns a 35 percent stake in GMAC after providing $12.5 billion to the lender. It also owns a majority-stake in GM and a smaller stake in Chrysler.
The Treasury spokesman declined to comment on whether the government's ownership stakes in GM and Chrysler make it more willing to again help prop up GMAC. But Kirk Ludtke, a senior vice president of CRT Capital Group LLC in Stamford, Conn., who follows GMAC, said the automakers can't succeed without GMAC.
"We continue to believe that a viable GMAC is critical to the success of GM and Chrysler," Ludtke said.
Citing people familiar with the matter,
The Wall Street Journal first reported late Tuesday that the U.S. government could hand over another $2.8 billion to $5.6 billion to Detroit-based GMAC. The latest capital infusion would be in the form of preferred stock, the paper said. The government's stake could rise if the new preferred shares were ever converted into common stock.
A GMAC spokeswoman declined to comment.
Of the 19 banks that underwent the government's stress tests, 10 were determined to be undercapitalized. GMAC is the only one of those unable to raise all of its necessary capital from investors.
Treasury's move would make GMAC the only U.S. company to receive three rounds of bailout aid. Last December, the government gave GMAC $5 billion in exchange for 5 million shares and GMAC's agreement to extend financing services to bailed-out Chrysler LLC. Then in May, the Treasury Department announced a new $7.5 billion injection for GMAC -- short of the $11.5 billion the government's stress test showed the company would need to stay afloat if the economy worsens.
To help GMAC raise the remaining capital, the Federal Deposit Insurance Corp. took the rare step earlier this year of allowing the junk-rated company to gain access to the FDIC's debt guarantee program. The FDIC agreed to guarantee up to $7.4 billion in GMAC-issued debt in case the company defaulted on payment, and has already backed about $4.5 billion worth.
According to the paper, the FDIC told GMAC Tuesday that it would guarantee the remaining $2.9 billion in debt to prevent the company from being forced to reduce its lending volume.
GMAC in August posted a wider second-quarter loss of $3.9 billion. Midway through the quarter, GMAC became the preferred lender for Chrysler. Last week, the Treasury Department informed Chrysler's former lender, Chrysler Financial, that it would have to shut down by the end of 2011.
