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December 31, 2009

Treasury Announces Another Bailout of GMAC
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In business news, the Treasury Department has announced a third bailout
for GMAC, the financing arm of General Motors. The Treasury will inject
$3.8 billion into the company, and the US government will boost its
stake in the firm to 56 percent. The money comes on top of $12.5 billion
that the US Treasury had previously invested in GMAC to keep it afloat
as the lender of choice for car buyers and dealers at GM and Chrysler.



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