U.S. Agrees to a Stake in GMAC
By EDMUND L. ANDREWS AND BILL VLASIC
Published: December 29, 2008
NY Times
WASHINGTON — The Treasury Department injected $5 billion into GMAC, the automobile financing company, as part of a deal announced Monday night that will let GMAC convert itself into a bank holding company to reduce its borrowing costs and thus borrow money at low rates from the Federal Reserve.
The Treasury will buy $5 billion worth of preferred equity shares in GMAC...
Here's how a gasbag at the Heritage Foundation described this move:
Bush’s Betrayal of Free-Market Principles Now Complete
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