GMAC might relocate HQ to Charlotte

[jednc]

Well, Monsoon, you made the "out-of-the-blue" comment that Ally Bank has been headquartered in Utah, indicating some near present-tense action. I think since you initiated the topic, it merits discussion of what the implications of that are. Since GMAC Automotive Bank has had their HQ there for over two decades, due Utah being the only state at the time that allowed for industrial banks (quasi-banks with much looser captial reserve restrictions and less regulatory oversight) then its implications on Charlotte's role as the current or future headquarters of Ally Bank's parent's (they are wholly owned by ResCap, based in Horsham, PA) parent (which is wholly owned by GMAC LLC, currently headquarterd in Detroit) are probably somewhat limited.

In simple terms, the CEO, CRO, corporate treasurer and I believe chief marketing officer are all located in Charlotte, a couple of people probably engaged in correspondance, and lockbox operations are in Utah. There are 40+ corporate (GMAC LLC) and retail bank (Ally Bank) positions being filled in Charlotte. There are 0 in all of Utah.

Finally, in parallel, while Ally Bank may be "headquarted" in Utah, Wells Fargo is "headquartered" in South Dakota, but you don't see too many people posting in banking or urban planning forums about the good or bad rates they can get a "South Dakota headquarted bank". I think when you make statements such as you did, you have to assume that people will see you as trying to be agitating, and will want to add clarity to the full situation of corporate legal mumbo-jumbo.

[monsoon]

Well, Monsoon, you made the "out-of-the-blue" comment that Ally Bank has been headquartered in Utah, indicating some near present-tense action.....

[atlrvr]

My original post that started thread has nothing to do with Ally Bank, but it relates to GMAC Financial Services or GMAC LLC the corporate parents. I understand the differences may seem subtle, but in practice there is a huge difference from a staffing perspective, as well as from a "corporate prestige factor".

Part of what makes Charlotte special in my opinion, is the huge local pride in the city and it's growth, and I think that it is even more important to maintain that during an economic downturn. That's why I'm quick to defend things from what I consider in-consequential distractions.

I'm done with this quibble, I just wanted to make sure the importance of what is occuring with GMAC locally wasn't diminished by the legal status of a very subordinate "sub-company".

[Norm2]

Ally Bank is HQ in Utah on paper only. I would not say that their HQ is physically there, especially if their CEO and board and whatever other executive functions are not there.

[monsoon]

OK so you guys are now saying that it doesn't matter where the HQ is located. It's an interesting commentary given the importance that was placed on getting GMAC to move its HQ from Detroit to Charlotte and of course the other topic going on about Morgan Stanley. In effect you are actually agreeing with what I said originally about this in that the physical HQ doesn't matter. It's fairly fascinating turnaround because when I said that earlier in this topic I got endless poo poo's on this idea.

On the earlier comment about Ally bank being an old place. I will point out that GM did not have a retail bank until juist a few months ago last December when the feds allowed them to convert to a bank holding company so they could tap the bailout money. I would go back and quote some of the posts in this topic where it was predicted this "new bank" would bring great things to Charlotte, but I tire of it at this point. I think the point has been made.

[Norm2]

Actually I think the physical location of the HQ matters more than what a piece of paper says that HQ is at.

[Commoner]

When you started this topic, you asked for a discussion so I gave you something to discuss, that is the HQ for this new bank was put in Utah. It would seem that what you were really wanting was rah rah lets booster Charlotte topic and when that doesn't happen, we get this result.

[monsoon]

^It's been my experience that people who have to make excuses for their behavior are on slippery slopes and are, at best, to be avoided. Lots of big words from someone who has yet to address anything that I posted.

1 more time. I simply stated that Ally bank's HQ was located in Utah and that they have good rates on their CDs. I am sorry this information causes your hormones to make your juices to boil. When you get over these urges and actually want to have a discussion, then this is the topic for it.

... we get "this result" when a moderator does just that (misconstructs and obfuscates)....

[Norm2]

Hey I have a question....Ally is just the banking portion of GMAC correct? So GMAC is still in Detroit technically for the auto loans while Ally the banking portion is located in Utah.....at least on paper? For some reason I thought that GMAC was renaming the whole company to Ally, but I think I've realized that it is just their online bank that is named Ally.

[monsoon]

..... Can this topic STAY on topic without the petty bickering and insults on BOTH sides of the fence? PLEASE?

[rockhilljames]

I think this thread is approaching the needs-to-be-locked point.

However, hopefully a moderator with no axe to grind in this conversation can come in and clean it up (Neo?).

Back to the topic at hand, if GMAC is splitting the online part of it's bank off, will that become the retail bank as well, or will they have a third company name. That could be confusing from a branding standpoint, but I could see them wanting to get away from the GMAC name since it conjures up nothing but car financing. Also, since GMAC is in so much trouble, what's the odds that the retail bank spins off as it's own company once it's established? Charlotte would be a natural HQ location based on the execs already here....

[Neo]

Well this got out of hand rather quickly.

I am closing this thread as it has turned into nothing other than a poo sling. Folks on both sides of the table need to step back and take a breather. When you guys are ready to start a new thread about GMAC and its possible HQ relocation to Charlotte then you are welcome to do so as long as BOTH sides are ready to behave like adults on the matter. This means if you have an issue with a moderator, you take it up with that moderate or a higher authority. If you imply something that you know good and well others will think one thing but you expect that they should think another, then you're throwing more poo into the ready to be slung pile.

If you have an issue with the constant bickering by one or more users, we have an ignore feature that rarely gets used. You can make all posts from an individual disappear like magic or you can simply ignore everything that one person has to say and act as if they don't exist. If you quote someone or reply to someone you passionately disagree with, then be prepared for a counter post from that user.

I'm almost certain that we can *ALL* be adults here, so let's start acting that way. For those that signed up just to show their hatred towards a moderator, that's not exactly how we roll here. I have dismissed anything in this thread as of the last day or so since it turned into something of a crap fest, but if you wish to participate in other threads then please follow our rules to do so.

Thank you.