Now that’s GMAC, not GM itself. GMAC, of course, is partially owned by GM and Cerberus ( who also owns the majority stake in Chrysler – confused yet? )
Though losing $1.3 Billion is significant in and of itself, perhaps even more significant is the drop-off in business. Q4 2007 saw GMAC write $13.4 billion in new loans, while Q4 2008 saw just $2.7 billion. I don’t know of any business that can turn a profit when their business drops off by such a stunning amount.
