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GM Finance Arm to Get a Fresh Bailout


It's coming to: the government is going to loan money to the government run car manufacturers (GMAC has agreed to finance Chrysler's buyers as well as GM's) so that the very car buyers, mostly taxpayers, are going to be loaning themselves the money to buy cars their 'representatives' designed and produced with their (the taxpayers money). Ponzi scheme??? Madoof was a piker!

http://online.wsj.com/article/SB124285476839840701.html

MAY 21, 2009
The Treasury Department is poised to inject more than $7 billion into GMAC, the first installment of a new government aid package that could reach $14 billion, according to people familiar with the matter. The injection is designed to firm up the company's balance sheet and allow it to grant loans for car purchases at General Motors and Chrysler.

The increasing infusion of taxpayer money into GMAC could turn the federal government into a large -- and potentially majority -- shareholder in the company, which is now owned by GM and a group led by private-equity firm Cerberus Capital Management.