GMAC wants another bailout - | WBTV Charlotte

GMAC wants another bailout

CHARLOTTE, NC (WBTV) - GMAC Financial Services is asking the Treasury Department for yet another injection of taxpayer aid.

The Wall Street Journal is reporting that the U.S. government could give the auto lender anywhere from $2.8 billion to $5.6 billion.

This would make GMAC the only company to receive three rounds of bailout money.

The Fed has already handed over $12.5 billion, in order to keep loans flowing to buyers of GM and Chrysler cars - thanks to that exchange, Uncle Sam owns a 35% equity stake in GMAC.

And the WSJ says more bailout money would come in the form of preferred stock. If those shares are converted to common stock, the government's stake in auto lender could rise.

WBTV's Melissa Hankins will have more details tonight at 6pm, as well as the impact this move would have on Charlotte.

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