Reports: $7.5 Billion More for GMAC
No suprise here: As part of the government's ever-growing bailout of the auto industry, GMAC, General Motors' financing arm, will receive about $7.5 billion from the Treasury today, according to numerous reports. GMAC emerged from the stress tests as the weakest of the 19 companies, and the administration has said that it would receive more aid. Its total bailout is now $12.5 billion, but the Wall Street Journal reports that GMAC could be receiving as much as $7 billion more.
Other links:
What the Banks Still Won't Tell Us (TNR)
Chrysler Plan Faces New Foes (WSJ)
BofA Seeks to Repay $45 Billion by End of Year (FT)
Geithner Says Treasury May Move ‘Quickly’ to Sell TARP Warrants (Bloomberg)
U.S. Rescue Aid Entrenches Itself (WSJ)
As big banks return their TARP money, Fannie Mae and Freddie Mac continue to be a drain.
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