General Motors (GM) last week started buying out Ally Bank’s auto lending operations in an effort to reverse months of lagging growth.
A backroom deal hatched by General Motors during the auto bailout to fulfill the Obama administration’s demand for a quick bankruptcy could be reversed, draining the automaker of nearly all of its cash on hand and leaving it in worse shape than it was when it collapsed in 2009.
The Obama administration has rebuked pleas from General Motors to sell off government shares to the automaker.
General Motors has moved in a decidedly more liberal direction since raking in a $50 billion government bailout from the Obama administration.
General Motors is attempting to buyout part of America’s worst performing bailout recipient, Ally Bank.
President Barack Obama is championing the profits of a European-owned carmaker as proof the auto bailout worked.
President Barack Obama recently called Mitt Romney an “outsourcing pioneer”—a title once bestowed on General Electric and its CEO Jeffrey Immelt, key Obama allies.
Vice President Joe Biden attacked outsourcing during a campaign event in Iowa on Tuesday, calling out General Motors, a company that received billions of dollars in stimulus funds.
Car manufacturer General Motors announced that it will quit advertising on Facebook, citing poor returns as the main reason for ending the relationship.