Tuesday, July 26, 2005

Is GM going to hell in a hand basket?

GM to sell up to $55 bln in loans

By Tom Brown
DETROIT (Reuters) - The finance arm of General Motors Corp. (GM.N: Quote, Profile, Research) on Tuesday said it will sell up to $55 billion in car loans to Bank of America (BAC.N: Quote, Profile, Research) in a deal that may secure near-term financing at the cost of future profits (continued... )

-Guys, it is time to start thinking carve out (of GMAC that is).................unless there is something nasty hiding deep inside those balance sheets that GM wants no one to see. Having said that, the headline is a littel misleading as GM is set to sell the 55 bln over 5 fiscal years.

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