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Treasury Bails Out GMAC

HeadlineDec 30, 2008

In economic news, the US Treasury will inject up to $6 billion into GMAC to help prevent the lending arm of General Motors from collapsing. If GMAC had declared bankruptcy it would have cut off financing to roughly 85 percent of GM’s North American dealers. The pact comes in addition to $17.4 billion in loans for GM and Chrysler.

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