CHESSNOID

Seriously,  the idea of all these companies who have asked for taxpayer money to be bailed out and then turn around to pay their executives millions of dollars is completely insane.  We even have a Pay Czar to monitor the corruptness of these bankrupt companies.  Is everyone in the Obama administration, the House or the Senate have any real credibility for allowing more money to be stolen from the American people.

No private for profit companies deserve public assistance.  We have a bankruptcy court and an FDIC when a bank or company can not manage its finances.  There is no need to create more government agencies or czars.    The government continues to muck everything up.  I am a registered Independent and am disgusted with both the Democrats and Republicans.

To have bailouts while we have 10% unemployment, record foreclosures, and the largest and still growing federal deficit is ludicrous. After awhile you just simply get sick of seeing million dollar bonuses funded by taxpayer money with retarded answers that they need to pay those bonuses to keep the talent that ran the companies into the ground.

Oct. 28 (Bloomberg) —

GMAC Inc., the lender that received two government bailouts totaling $13.5 billion, is in talks with the Treasury Department to receive a third lifeline, a person familiar with the matter said.

The U.S. government may inject an additional $2.8 billion to $5.6 billion into GMAC, the person said, declining to be identified because the transaction hasn’t been completed. The deal would involve the issuance of preferred stock, allowing the government to expand its 35.4 percent stake in the Detroit-based company if existing shares are converted into common equity, the person said.

The Federal Deposit Insurance Corp. also told the company that it would guarantee an additional $2.9 billion in debt, helping to fund operations, the Wall Street Journal reported yesterday, citing people familiar with the discussions. GMAC spokeswoman Gina Proia and FDIC spokesman Andrew Gray declined to comment.

GMAC is the only lender that went through stress tests by the U.S. government and requires another public rescue, said Andrew Williams, a Treasury spokesman. Other companies raised capital from investors and some have already paid back the taxpayer, he said. Williams declined to comment on the bailout.

GMAC is preparing to report third-quarter results on Nov. 4 after posting losses in seven of the last eight periods. The U.S. rescued GMAC last December after deciding the firm was crucial to the survival of the auto industry. General Motors Co., its former parent, and Chrysler Group LLC rely on GMAC to provide financing to customers.

A company that has lost that much money over the last 2 years does not deserve more government assistance. This is the THIRD time that they will be bailed out. Quite frankly that is 3 times too many. That money can be better spent on the American people.