GMAC Mortgage, a subsidiary of GMAC Financial Services, a wholly owned subsidiary of General Motors is using salesforce.com to drive growth of the GM Supplier Discount program - vehicle and home, as well as the successful GM Family First program. GMAC Mortgage is one of the 11,100 companies of all...
Facing the need to track more than a thousand business controls and manage several times as many documents for compliance with the Sarbanes-Oxley Act, GMAC Commercial Mortgage GMACCM knew that it would need more than spreadsheets and file shares. Risk Management Compass RMC, developed using Microsoft Visual Studio .NET 2003...
Cerberus Capital Management denied news stories today that it sold any of its equity stake in either Chrysler or GMAC Financial Services. But other than denying it, the privately held Cerberus was masterfully vague about what exactly may have led to a Financial Times story that said Cerberus...
Despite sharper collection practices that at least kept the number of delinquent accounts from growing, profits fell in the first quarter for the auto lending part of GMAC Financial Services -- another sign that the credit crisis is spilling over into the car industry. Like Ford Credit on April 24,...
Michael Shedlock submits: The saga at GM continues. On Monday I spoke of GM's Ridiculous Bluff to raise prices on the 2009 line of autos. GM and GMAC were in the news again on Tuesday on cash burning concerns. Let's take a look. Bloomberg is reporting GMAC's $60 Billion...
Business school deans have been rushing to the defense of their graduate degree programs ever since Jeffrey Pfeffer and Christina Fong published their 2002 article questioning the value of an MBA. Not only did those authors debate the worth of the MBA in general, they suggested that the degree was...
David Merkel submits: 1) Going back to one of my themes, be wary of companies that sell their best assets to bail out their worst assets. Tonight’s poster child is GM. How to get cash? Borrow against the remainder of GMAC, foreign subsidiaries most promising part of the corporation,...
Are the folks at General Motors guilty of a double-standard, or hypocrisy, or possibly even an ethical breach, for the very different ways it's behaving as a lender and a borrower in the mortgage mess? They're at least guilty of not doing unto others as they would have done...
Many people seem surprised by the depth of job cutbacks at Chrysler--11,000 more hourly and salaried jobs in the United States and Canada, and reduced shifts at five other plants. That comes on top of 13,000 job cuts earlier this year. But this is the new reality...
Domestic automakers have been compelled to state in recent days that they're not planning to file for bankruptcy -- which unfortunately for them only serves to keep the word "bankruptcy" appearing in the same headlines as Ford, GM and Chrysler. Spokesmen like Chrysler's Jim Press and GM's Rick Wagoner used terms like,...
Are Private Equity Buyouts The Devil's Work?Some Interview with private equityAs part of blogging the divestment of Reed Business Information from Reed Elsevier I have been lucky enough to interview several senior private equity partners. You can read those here (http://divestmentwatch.blogspot.com/2008/03/interview-with-private-equity-part-one.html) and here (http://divestmentwatch.blogspot.com/2008/03/another-interview-with-private-equity.html)One key view that they both held...
Michael Shedlock submits: Truck Trend is talking about GM's and Ford's inability to spot trends. Detroit's automakers might not have been able to predict today's $4 to $5 per-gallon gasoline and diesel prices, but sales of truck-based SUVs have been sliding for the past three or four years....
Michael Shedlock submits: The Wall Street Journal is reporting General Motors unlikely to cut dividend. General Motors Corp GM is not likely to cut its dividend, even as the automaker is set to lay out restructuring actions on Tuesday at its annual meeting, the Wall Street Journal said, citing...
By Steve Slater LONDON (Reuters) - Bradford & Bingley BB plans to increase its rights issue to 400 million pounds ($794 million) after U.S. private equity firm TPG Capital pulled out of a plan to buy a stake, sending its shares lower. TPG...
By Steve Slater LONDON (Reuters UK) - Bradford & Bingley on Friday increased its rights issue to 400 million pounds after U.S. investor TPG Capital pulled out of buying a stake as concern deepened about the bank's business plan. Private equity firm TPG withdrew after ratings...
By Clara Ferreira-Marques SHEFFIELD (Reuters UK) - Bradford & Bingley BB won investor backing for its critical 400 million pound rights issue rescue on Thursday, but not before executives were quizzed on the troubled fundraising and the bank's future. Shareholders had been expected to vote in...
By Kevin Krolicki and David Bailey DETROIT (Reuters) - General Motors Corp GM on Tuesday announced a plan to cut costs by $10 billion, suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore up...
By Kevin Krolicki and David Bailey DETROIT (Reuters UK) - General Motors Corp GM on Tuesday announced a plan to cut costs by $10 billion (5 billion pounds), suspend its common stock dividend and sell up to $4 billion in assets in a bid to shore...
Michael Shedlock submits: I received an interesting email last week from Minyan "MC" who is concerned about globalization's effect on jobs and wages. Let's tune in to his thoughts: There is a mania in this country to slash wages to a subsistence level or worse. This is a symptom...
