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
*** begin quote ***
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.
*** end quote ***
More taxpayer participation required!
More good money after bad.
Bankruptcy would have been so much cleaner.
# # # # #