Talk about an ugly shift in fortune — and in animal metaphors.
Because of the subprime mortgage meltdown, GMAC Financial Services has changed from a cash cow to an albatross.
The auto and mortgage lender lost $1.6 billion in this year's third quarter — its largest net loss ever.
So it wasn't a big surprise last week when GMAC reassigned CFO Sanjiv Khattri. In December, Khattri becomes executive vice president of corporate development; the new CFO is Robert Hull, formerly a top financial executive at Bank of America.
Although GMAC's woes are confined largely to its ResCap home mortgage business, the losses are complicating General Motors' financial recovery plan. GM sold a 51 percent stake in GMAC to Cerberus Capital Management last year.