It’s hard to believe that Electronic Data Systems Corp, which runs General Motors Corp’s computer systems these days, would have allowed it to happen when Ross Perot was at the helm, but that magnificent ride that Long Island car dealer John McNamara took the company for, has been massively inflated, and it now appears that General Motors Acceptance Corp GMAC loaned him no less than $6,660m to finance cars that never existed (CI No 1,905): he kept ahead by paying the company back with its own money and then borrowing more each time – last year alone the company loaned him some $2,000m on 70,000 figments of his fertile imagination; he now owes the company $460m and has been required to turn over a gold mine, his private jet, property in five states and a golf course to the Federal government; according to the Daily Mail, chortling car dealers that wish they’d thought up the scam say that GMAC is an acronym for Give McNamara Another Car.
