Motor City Meltdown

Sometimes its the vultures who get eaten. General Motors was lucky to unload a majority stake in its finance subsidiary (GMAC) for $14 billion last year. The subsidiary, now 51% owned by vulture fund Cerberus Group, just reported a $1.3 billion loss for the third quarter. That was due to $2.3 billion in red ink from GMAC’s mortage operation GMAC ResCap.

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