Fed: GMAC to receive more bailout money
- NECN
Previous Page
Next Page
Fed: GMAC to receive more bailout money
WASHINGTON (AP) - The Federal Reserve says GMAC is the only one of 19 stress-tested banks that needs more capital to withstand a future downturn. The Fed says GMAC is expected to get more taxpayer money from the $700 billion financial bailout. The finance company is negotiating with Treasury over how much it will receive. The test results in May found that 10 of the 19 largest banks needed an extra cushion of capital to withstand deeper losses they would see if the recession worsened. Nine of those 10 have raised read more
NECN | November 9, 2009
