by Calculated Risk on 5/20/2009 08:32:00 AM
Wednesday, May 20, 2009
From the Detroit News: Feds to inject $7.5B more into GMAC (ht jb)
The Treasury Department is preparing to announce as early as today that it will invest an additional $7.5 billion in GMAC LLC in a deal that could allow the U.S. government to hold a majority stake in the Detroit-based auto finance company.The Stress Test results showed GMAC needs another $11.5 billion in capital, so there is probably more coming.
Posted by Calculated Risk on 5/20/2009 08:32:00 AM