GMAC Receives $5 Billion in Government Aid
Mon, 29 Dec 2008 19:48:17 -0800
The Treasury will buy $5 billion worth of preferred equity shares in GMAC, which used to be the financing subsidiary of General Motors and is now owned jointly by G.M. and Cerberus Capital Management, the private equity firm that owns Chrysler. A Treasury official said that the deal had already closed and that GMAC already has the money.
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