Thursday, April 19, 2007

News from Back Home

Two items of interesting news from the Star Tribune in the last couple weeks.

First is that my old National Guard unit (2nd Battalion of the 147th Assault Helicopter Brigade) is headed to Iraq soon. Before they go, they're training for a few months at Ft. Sill Oklahoma, which also happens to be where I did my Basic Training.

Guard unit will Head to Iraq, fly helicopters

Second is that my old employer (where I worked for 10+ years before moving to NZ) is making headlines. Even before I left, the merger with the GMAC sister company combined with the sale to Cerberus group was sounding like a real pain. Then in the last few months, problems in the U.S. subprime mortgage market started making headlines way down here. All along I've been hearing stories from friends about things getting messy, but I think this is the first time I'd seen articles specifically about our old RFC branch of the business.

CEO Paradis to join ResCap exodus.

ResCap to cut 1,000 more jobs.

From NZ:
New Zealand Herald: Mire Grows Deeper at GM.

New Zealand Herald: Mortgage crisis paralyses US markets

"GMAC LLC, a lender owned by General Motors Corporation and Cerberus Capital Management LP, on Tuesday said its ResCap mortgage unit posted a $651 million fourth-quarter loss, and "sharply reduced" its exposure to nonprime loans."


B.T.W. Thanks to Aldo for sending me the article on Bruce.

File Under: Minnesota,

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