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The 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.
The Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand losses if the economy softens.
GMAC Inc. is expected to get more federal money so it can meet government requirements in case the economy softens, the Federal Reserve indicated Monday. The bank holding company, which provides financing for General Motors and Chrysler vehicles and dealerships, is in negotiations with the U.S. Treasury to get additional money from the $700-billion TARP fund.
WASHINGTON | The Federal Reserve said Monday that GMAC is the only one of 19 stress-tested banks that needs more capital to withstand 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 after stress test results were announced in May. The Fed says the finance company is expected to close the gap ...
WASHINGTON — Just as the housing sector appears to be recovering, gathering problems in the commercial real estate market threaten to become a new drag on the economy.
Nov. 3 (Bloomberg) -- OAO Gazprombank, the lending arm of Russia’s largest company, said it received 74.3 billion rubles ($2.5 billion) from state bailout bank VEB to increase lending to the “real sector” of the economy.
It is worth stepping back and asking: What would the world economy look like today if policymakers had acceded to the populist demand of no support to the bankers? What would the world economy look like today if Congressional Republican opposition to the Troubled Asset Relief Program (TARP) program and additional deficit spending to stimulate recovery had won the day?
Treasury Secretary Timothy F. Geithner on Thursday scrambled to fight off attacks from all sides on a new Obama administration plan for tackling financial risk in the economy unveiled just two days ago, Reuters reported.
THE CLOSING BELL -- DOWN 119: Signs of a weaker housing market and a gloomier outlook on the economy are giving investors more reasons to dump stocks. NYSE, NASDAQ TODAY'S BUSINESS NEWS: » GMAC wants a third bailout » Durable goods orders rise 1% in September » New home sales fall a surprising 3.6% » China, US's Harsco sign construction pact » Norway 1st in Europe to raise interest rates ...
In an effort to revive its battered economy, Ireland is set to approve abailout plan in which a national asset company would take over the banks'toxic assets. The Irish are nervous about the plan -- and furious
Last year, as the economy reeled and the auto industry teetered on the brink of collapse, Ford Motor Co. earned a dubious distinction: It was the only U.S. automaker that decided it could survive without a government bailout.
