They should change their name to Government Motors. We have become a bailout nation, we will pay a hefty price for all these bailouts-Lou
GM lending unit gets $5 billion in government funds
SAN FRANCISCO (MarketWatch) - GMAC Financial Services, the lending unit of General Motors Corp., said late Monday it has received $5 billion in funds from the $700 billion U.S. government bailout program in a move designed to help the struggling automaker sell new cars and trucks.
In addition, the Treasury Department said it has agreed to lend up to $1 billion to General Motors so it can take part in a transaction that will help GMAC raise additional needed capital.
The loan to GM comes in addition to the $17.4 billion in federal assistance for domestic carmakers announced by the government earlier this month. GM and Chrysler appealed to the government for aid in restructuring earlier this year after suffering from plummeting sales that pushed them to the brink of bankruptcy.
Read Article Here:
http://www.marketwatch.com/news/story/GMs-lending-unit-gets-5/story.aspx?guid=%7B0FC5CFAB%2DB069%2D4EF7%2D8E86%2DB7B0DC22C05D%7D#comments
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