Another unemployed public servant (hey, we own a third of GMAC, I can say that). Alvaro de Molina, a $BAC vet who had been plugged into the position by Cerberus and who thus has been CEO of GMAC for less than two years, was unceremoniously given THE BOOT by the board yesterday:

A person familiar with the situation said De Molina was asked to step down by GMAC’s board of directors. The person declined to be named because the reasons behind De Molina’s exit have not been made public.

De Molina’s resignation comes as the lender is negotiating with the Treasury Department over additional taxpayer aid. GMAC is instrumental to the operations of automakers General Motors Co. and Chrysler Group LLC, but its finances have been haunted by bad loans it made during the housing boom.

GMAC, which became a bank holding company late last year, has received $12.5 billion in taxpayer money and is 35 percent owned by the federal government. The FDIC also took the rare step earlier this year of allowing the junk-rated company to gain access to its debt-guarantee program, called the Temporary Liquidity Guarantee Program. It agreed to guarantee up to $7.4 billion in GMAC-issued debt in case the company defaulted on payment.

As you guys probably know, it’s not the auto loans as much as it is that GMAC has had a problem with a little thing called ResCap, a unit of theirs which, exactly as it sounds, made a bunch of residential mortgages which like most residential mortgages these days are a bit underwater. But, thanks to being flush with gov’t cash, they’ve been able to pay out some of the best (and by “best” I mean “non-zero”) rates in the industry on CDs and money market accounts, pissing off other banks but raising a little private capital nonetheless. With all that gov’t support, de Molina apparently thought the job was going to be an easy one. Lolz:

“I came to GMAC thinking that it was a short-term assignment working through a liquidity crisis. That crisis lasted two years,” he said. De Molina did not say what his next move would be.

Pretty sure rumors he is being considered to replace Kennay at $BAC are untrue, but even if they are true, he might wanna rethink it because we don’t think that’s a short-term assignment working through a liquidity crisis either.