Before Charlotte gets too far down the path of falling in love with GMAC — nevermind that our brilliant state and local “leaders” have already handed sacks of cash to the outfit — this little nugget from Chris Whalen. Whalen and his Institutional Risk Analytics shop, recall, were about three years ahead of the curve in calling the financial sector meltdown of last fall. What do they think of GMAC?

Remember, we figure that GMAC, the bank holding company whose FDIC-insured bank unit we rate an “F” as of Q1 2009, will need $10 billion per quarter in subsidies just to keep the doors open. The preliminary score for GMAC Bank calculated by The IRA Bank Monitor was 21.2, more than a full order of magnitude above the industry average Stress Index score of 5.7 for Q1 2009. And the erstwhile regulator of GMAC, the Fed, may be providing the subsidies to keep the BHC open!

You have been warned.