GMAC, the troubled American consumer finance group, is reportedly seeking its third hand-out of Federal aid in a move that could leave the US government with a controlling stake, the New York Times reported. GMAC, which has so far had $12.5bn in taxpayer funds pumped into it as part of a broader restructuring of General Motors, faces a crucial financing deadline in early November.

This entry was posted by Paul Murphy on Wednesday, October 28th, 2009 at 4:08 and is filed under Capital markets. Tagged with general motors, GMAC. Edit this entry.