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Government-owned GMAC loses $5 billion in 4Q
Feb 4th, 2010 - Houston Chronicle
new york - home and auto lender gmac financial services said thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter. gmac, which is owned by the federal
Pay czar limits exec pay at still-struggling GMAC
Mar 15th, 2010 - Yahoo! News
washington (ap) -- the obama administration's pay czar is limiting 2010 compensation for top executives at gmac inc. because the auto finance giant continues to lose money and has no strategy for repaying its $16.3 billion taxpayer bailout
Report: Congressional panel doubts GMAC business case, suggests breakup
Mar 12th, 2010 - Autoblog
"the panel is deeply concerned that treasury has not required gmac to lay out a clear path to viability or a strategy for fully repaying taxpayers." this, according to a congressional oversight panel that was created as a watchdog for the u.s.
Watchdog: GMAC bailout could cost taxpayers $6.3B
Mar 11th, 2010 - Yahoo! News
washington – the treasury department sank billions into auto finance giant gmac inc. without an exit strategy or proof the company was viable - a decision that could cost taxpayers $6.3 billion, a new watchdog report says. the government

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Gmac videos from YouTube:

5:56
Syracuse Orangemen GMAC Tribute
Syracuse Orangemen GMAC Tribute!! Thanks Gerry!
4:14
Bernie Madoff and GMAC: What's The Difference?
www.donharrold.net Welcome to the age of the ponzi scheme.
1:01
Money Minute: Exxon, GMAC, Oil
A bankruptcy judge has ruled that GMAC Financial Services can become Chrysler's preferred lender. The ap's Mark Hamrick reports. (May 12)

Gmac from WikiPedia:

GMAC (or GMAC Financial Services), formerly known as General Motors Acceptance Corporation, is a United States bank holding company that was previously the wholly owned financial services arm of General Motors. GMAC Financial Services provide a suite of financial programs including insurance and mortgage operations in approximately 40 countries around the world. In 2008, the firm provided financing to 75 percent of the 6,450 GM dealers. On 24 December 2008, the Federal Reserve accepted GMAC's application to become a bank holding company in order to gain access to billions of dollars in government aid, a crucial attempt to ensure the survival of the company.

On December 29, 2008, the United States Department of the Treasury gave GMAC $5 billion from its $700 billion Troubled Asset Relief Program (TARP).