Wow. I own a stake in investment firms, banks, insurance companies, mortgages, and now GMAC and GM.
Attention government guys: I would prefer to take said ownership in GMAC out of my current loan, thank you very much.
Sphere: Related ContentThe government said on Monday it was pumping $5 billion into auto and mortgage lender GMAC LLC and lending up to $1 billion to automaker General Motors, (GM.N) ensuring the solvency of a company considered crucial to GM’s survival.
The Treasury Department said it would buy $5 billion in senior preferred equity with an 8 percent dividend from GMAC. It also said it is lending up to $1 billion to GM to help GMAC reorganize itself as a bank holding company.
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