Without GMAC, GM was unlikely to survive?

You left the equity intact, all of the debt continued to be repaid at 100 cents on the dollar; a far better deal to have been an investor in GMAC than to have been an investor in GM.

I've always believed that people misunderstood TARP. We should not be dancing in the street because banks have repaid their TARP funds.

So, right now, your business model is that you have the exclusive right to sell, in effect, zero percent financing on GM cars.

No matter how many taxpayer dollars we pumped in.

So, the notion that somehow we save money by propping up a weaker, more impaired company than we do by cleaning it up and putting it on the block just doesn't add up for me.

So, what I'd like to start with is--I just want to make sure I understand the business model.

Well, but if we're talking about time, I mean, I presume the possibility of a quick 363 sale, as happened in the auto industry, could have made this a relatively speedy procedure----

If it had been up to me, I would have told the banks, all of them including GMAC, 'Take the TARP money, charge it off.'

Thank you. I'm past my time.

The difference is, that you're trying to capitalize what is now a much stronger company.