US offers $US6bn to support auto lender GMAC
Posted on February 4, 2009, under About Me.
Written by Mark Felsenthal
Reuters
WASHINGTON — The Bush administration has expanded its bailout of the US auto industry, saying it was buying $US5 billion ($A7.2 billion) in equity in auto and mortgage finance company GMAC and increasing a loan to General Motors by $US1 billion.
The action was the latest in a lengthy series of emergency government moves aimed at easing the worst credit crisis since the 1930s and limiting the severity of a year-long recession. (more…)
GMAC cleared to become bank holding company
27 December 2008
By Emily Kaiser of Reuters
WASHINGTON — GMAC LLC has won US approval to become a bank holding company, giving it access to government lending programs and helping it stave off bankruptcy.
US Decides Our Industry
16 December 2008
Written by Paul Glover
Ford Australia and GM Holden are waiting to hear the outcome of a last- ditch appeal by their American parents for $15 billion in critical short-term funding to prevent them going into bankruptcy.
“We don’t know how it could play out if they fail. That’s not a prospect that anyone wants to contemplate,” the chief executive of the Federal Chamber of Automotive Industries, Andrew McKellar, said yesterday. (more…)
