Govt gives GMAC $3.8B in new aid, boosts stake
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WASHINGTON (AP) – The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit. The fresh infusion is on top of $12.5 billion in taxpayer money…
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Time to cut the taxpayer’s losses.
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