Fed says GMAC will get more bailout money
Tacoma News Tribune - 2 hours 25 minutes agoThe Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand future losses if the economy softens. GMAC, a crucial player in the U.S. auto industry, has been unable to raise the $11.5 billion regulators said it needed. The Fed says the finance company is expected to close the gap with more money from the $700 billion financial bailout.
