Topic: Gmac

An investigative report by KPIX highlights the use of "robo-signers" by major banks like Wells Fargo and JPMorgan Chase to process foreclosures. Inexperienced workers, including former fast-food employees and beauticians, were given executive titles to sign hundreds of legal affidavits daily without reviewing the documents. Wells Fargo maintains that its affidavits are accurate despite these procedural irregularities.

A detailed breakdown of General Motors' financial report reveals that the $38.6 billion non-cash charge was largely related to valuation allowances against deferred tax credits in the US, Canada, and Germany. Despite the staggering headline loss, the company's operational performance actually improved compared to the previous year. The massive write-down was required by accounting rules because the company could no longer carry those credits indefinitely while expecting continued losses.