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Ron Paul FTW
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http://money.cnn.com/2009/05/21/autos/gmac_bailout/index.htm?postversion=2009052119
Government involvement: GMAC had already received about $6 billion from the government under the Troubled Asset Relief Program, or TARP.
The new $7.5 billion investment will be in the form of preferred equity. The Treasury Department said it will also soon exchange a previous $884 million loan to GM for common shares in GMAC. As a result, Treasury would hold 35.4% of the common equity of GMAC.
Government involvement: GMAC had already received about $6 billion from the government under the Troubled Asset Relief Program, or TARP.
The new $7.5 billion investment will be in the form of preferred equity. The Treasury Department said it will also soon exchange a previous $884 million loan to GM for common shares in GMAC. As a result, Treasury would hold 35.4% of the common equity of GMAC.
