U.S. taking majority ownership of GMAC (Obama, how much, companies)
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The federal government said Wednesday it will take a majority ownership stake in the troubled auto lender GMAC, providing another $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to staunch its losses.
GMAC, which already has taken $12.5 billion in direct federal aid along with other forms of government support, is the largest lender to General Motors (http://financial.washingtonpost.com/custom/wpost/html-qcn.asp?dispnav=business&mwpage=qcn&symb=GM&nav=el - broken link) and Chrysler dealerships and to their auto-buying customers.
The Treasury Department said it will increase its stake in GMAC to 56 percent from 35 percent. It also will hold about $14 billion in what amount to loans that GMAC may eventually be required to repay. The government plans to appoint four of the company's nine directors.
Mm, mm, mm, how's that hopenchange working for YOU? Thought obamarama didn't want to run any company. Thought wrong, I see.
How's that hope and change dealing with the last administration's failure to take up Cerberus' crapshoot on GMAC? You've asked a very good question. It's like asking a man how he's handling his wife's rape.
Didnt Obama say something recently about Obamacare being the last of the spending they are going to do? That they are going to work on decreasing the debt?
Yeah, I guess so, I was thinking more along the means of moving freight, not folks.
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