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December 30, 2008

Treasury Bails Out GMAC
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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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