Breaking! GM Announces $14 Billion Agreement To Sell GMAC; Agrees It's A Chance To Lean Back, Prop Up Feet

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Not quite yet anyway, but with an agreement by Cerebus Capital to purchase a 51% stake in GMAC for $14 billion announced just a few short minutes ago, the General is one step closer to the solution envisioned by CEO Rick Wagoner. No, not the solution whereby he slips on the toilet seat and has a vision of something he's calling a "flux capacitor." Instead, this is the solution where he has enough cash on hand to pay the UAW to leave GM alone for a year or two while GM figures out how to make better products.

GM to Sell Majority Stake in GMAC for $14B [AP]

More on GMAC [internal]


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