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Fed says GMAC will get more bailout money
CommentsThe Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand future losses if the economy softens. GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed. The Fed says the finance company is expected to close the gap with more money from the $700 billion financial bailout.
GMAC, already the recipient of $12.5 billion in taxpayer infusions, is negotiating with regulators over how much more it will receive.
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We welcome comments. Please keep them civil, short and to the point. ALL CAPS, spam, obscene, profane, abusive and off topic comments will be deleted. Repeat offenders will be blocked. Thanks for taking part — and abiding by these simple rules. A thorough explanation of rules of conduct can be found in our Terms of Service.
Comments are displayed newest first. If you would like to read a thread from beginning to end, select "Oldest first" from the drop down menu.
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