SOCIALISM: More GMAC aid?

http://www.freep.com/article/20091028/BUSINESS01/91028022/1322/GMAC-may-get-3rd-helping-of-aid

Posted: 8:40 a.m. Oct. 28, 2009 | Updated: 9:51 a.m. today
GMAC may get 3rd helping of aid
BY GREG GARDNER
FREE PRESS BUSINESS WRITER

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GMAC, the financial lifeline for General Motors Co., Chrysler Group LLC and their dealer networks, is asking the U.S. Treasury for more federal aid beyond the $12.5 billion it’s already received, because it remains billions of dollars short of a capital reserve requirement all bank holding companies must meet.

The request, which is subject to ongoing negotiations, comes as GMAC is caught in a financial game of chicken with Chrysler Financial that could drive some large Chrysler, Jeep and Dodge dealers out of business or force them to sell their operations.

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More taxpayer participation required!

Argh!

More good money after bad.

Bankruptcy would have been so much cleaner.

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