Hey Let's Steal Your Money, Buy GM, and Steal Some More Money From You!
NEW YORK -- Stock futures pointed to a mixed open Thursday after the government's decision late Wednesday to give an additional $3.8 billion in funding to bolster GMAC's mortgage division. Futures for the S&P 500 were higher by 2.2 points at 1,124.3 and were 2.23 points above fair value. Futures for the Nasdaq were off by half of a point and were 0.8 points below fair value. After the close of trading Wednesday, the U.S. Treasury said it would commit $3.8 billion in new capital to automotive lender GMAC, which comes on top of the $12.5 billion GMAC received from the Treasury previously and increases the government's stake in the company to 56% from 35%. Absolute insanity. Thankfully, they have a bottomless pit of money to dip into.