Wednesday, December 30, 2009

GMAC Gets Tax Dollars for Losses

Swirling down the porcelain-lined circular container...

GMAC Financial Services is expected to receive $3.5 billion more in federal aid to further stabilize the automotive lender, The Wall Street Journal reported Tuesday.

...Results of the federal government's "stress tests" earlier this year demanded that GMAC raise an $11.5 billion capital cushion to help it weather further economic decline. GMAC was unable to raise the funds privately

That's on top of the $12.5Bn GMAC already had...

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