GMAC Bankruptcy Still Possible


The Detroit News - February 25, 2010

The Trea­sury Depart­ment has come to the res­cue of GMAC three times in the past two years. Yet the auto lender is still in jeop­ardy of fil­ing for bank­rupt­cy, leav­ing tax­pay­ers on the hook for bil­lions of dol­lars. The Con­gres­sion­al Over­sight Pan­el is prepar­ing to announce its rec­om­men­da­tions soon, and the Trea­sury Depart­ment is mak­ing plans to sell its stake in GMAC. One sug­ges­tion is for Gen­er­al Motors to buy back the auto financ­ing part of GMAC.