Auto Industry
Treasury’s Nightmare: The $17.2 Billion Bailout of GMAC
The U.S. Treasury is apparently considering breaking up Ally Financial and selling the finance business back to General Motors. Ally Financial is the former GMAC Financing (General Motors Acceptance Corp) – the lending unit that was once ran by GM. The Obama Administration bailout out GMAC to the tune of $17.2 Billion. The company is still losing billions and is still technically insolvent. Solution? Sell it back to GM? Read More…