Cutting Out the Middle Man
Here we go again, from TTAC:
The New York Times reports that the “troubled finance company” known as GMAC is hitting-up Uncle Sam for more, as-yet-unspecified billions. The Gray Lady tells us it’s not a question of “if”—it’s a question of how GMAC and the Treasury can sleaze the deal, so that taxpayers don’t end-up owning the company. ‘Cause that would “reignite” the “debate” over the fed’s failed bailout boondoggle. “GMAC and Treasury Department officials have been locked in negotiations over how to structure the third bailout as it approaches a crucial deadline in early November for shoring up its finances [as a $5.6 billion payment comes due].
So let me get this straight. GMAC is no longer in the business of using MasterCard to pay off Visa. Now it just uses Visa to pay off Visa.