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: Instapundit.comSO HOW?S THAT BAILOUT GOING? Feds take over GMAC. ?The federal government said Wednesday it will t?
By Glenn Reynolds
SO HOW’S THAT BAILOUT GOING? Feds take over GMAC. “The federal government said Wednesday it will take a majority ownership stake in the troubled auto lender GMAC, providing another $3.8 billion in aid to the company, which has been unable to raise from private investors the money it needs to stanch its losses.” Bad money after . . . other bad money. But hey, it’s not their money, it’s yours, so what do they care?
UPDATE: A reader emails: “Ditech is a wholly owned subsidiary of GMAC ? So now Fannie and Freddie have a blank check, what does that do for Ditech?”
ANOTHER UPDATE: And who was running GMAC? A guy with ties to Bernie Madoff.
Full post as published by Instapundit.com on December 30, 2009 (boomark / email).
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