GMAC CD - Is it safe?

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Hello Guys,
I opened a CD (12 month) with GMAC a few weeks ago. The news of it close to bankrupcy, I am nervous. This CD is FDIC insured. How would this work if this bank went under? Also if some other bank buys it, what happens then?

D

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The only safe investment right now is guns and ramen.

Didn't GM just get that bailout? They should be good for at LEAST another few weeks on $17 billion.

Nah that's GM. GMAC is owned by the same company that owns Chrysler. WAIT A MINUTE.

They have been trying to buy back bonds so they can turn into a bank and get TARP money. Oh wait we ran out of TARP.

At least they are too big to fail so nothing can possibly go wrong.

it is fdic insured. the gov't covers any potential loss. if another bank buys it, then you get your money from that bank in about 11 months. i say wait until the horror of horror happens and until then, relax, no sense in getting worked up over hypotheticals or else we all might as well go out and buy our guns and ramen.

It's not safe unless it's invested in H&B.



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