GM to sell 51 pct of GMAC (to Dan Quayle's group)

[BR_Parkway]

NEW YORK (Reuters) - General Motors Corp. on Monday said it agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for a total of $14 billion.

The long-awaited sale will generate much-needed cash for the world's largest automaker, which some analysts believe faces the possibility of bankruptcy after reporting a $10.5 billion loss in 2005.

The Cerberus-led investor group includes the private equity unit of Citigroup (NYSE:C - news) and Japan's Aozora Bank Ltd, a portfolio company of Cerberus.

<snip>


Dan Quayle chairs Cerberus Global Investments, a unit of the New York-based firm.

http://news.yahoo.com/s/nm/20060403/bs_nm/autos_gm_dc_8


On edit: Donald Rumsfeld joined as an investor in this company in 2001
http://www.businessweek.com/magazine/content/05_40/b3953110.htm

[RobertSeattle]

1. But Dan Quayle can't spell GM

:evilgrin:

[Wickerman]

2. What a f*cked name for a Company

Cerberus was a vicious beast that guarded the entrance to Hades and kept the living from entering the world of the dead. According to Apollodorus, Cerberus was a strange mixture of creatures: he had three heads of wild dogs, a dragon or serpent for a tail, and heads of snakes all over his back. Hesiod, though, says that Cerberus had fifty heads and devoured raw flesh.

. . . A monster not to be overcome and that may not be described, Cerberus who eats raw flesh, the brazen-voiced hound of Hades, fifty-headed, relentless and strong.
Hesiod, Theogony 310

http://www.perseus.tufts.edu/Herakles/cerberus.html

Almost as scary as having Dan Quayle on your board.

[The_Casual_Observer]

3. GMAC is carrying a lot of paper on zero interest car loans.

No wonder they want to dump it.

[Tesha]

4. News: Changing name to GMACE. (NT)