Capital Infusion
The government is getting set to inject more than$7 billion into GMAC, turning the company into a quasi-government agency, according to published reports.
The move is part of an effort to improve its lending capability and to bolster GMAC's capital base — after having failed a bank “stress test” earlier this month.
Essentially, this massive capital infusion could upset competition in the industry, particularly for Ford Motor Credit Co., which has avoided tapping government funds to date.
Click here for the Wall Street Journal article.
Click here for the Detroit News article.
The move is part of an effort to improve its lending capability and to bolster GMAC's capital base — after having failed a bank “stress test” earlier this month.
Essentially, this massive capital infusion could upset competition in the industry, particularly for Ford Motor Credit Co., which has avoided tapping government funds to date.
Click here for the Wall Street Journal article.
Click here for the Detroit News article.
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Comment by JJ Hornblass on May 21, 2009 at 8:12pm - FDIC Approves GMAC Financial Services Particpation in TLGP
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