Democracy Now: Treasury Announces Another Bailout of GMAC

In business news, the Treasury Department has announced a third bailout for GMAC, the financing arm of General Motors. The Treasury will inject $3.8 billion into the company, and the US government will boost its stake in the firm to 56 percent. The money comes on top of $12.5 billion that the US Treasury had previously invested in GMAC to keep it afloat as the lender of choice for car buyers and dealers at GM and Chrysler.

~ by wheresthemic on December 31, 2009.

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