Link copied to clipboard
GMAC doesn't have enough $ to be a bank, may have to "restructure"
GMAC doesn't have enough $ to be a bank, may have to "restructure", says report
GMAC LLC, General Motors' former finance arm, hasn't been able to raise enough money to qualify for federal bank relief funds, says Bloomberg News in this story. That could force a financial restructuring (not necessarily a bankruptcy) that could make life even tougher for GM dealers, investors in GM and subsidiary ResCap, and GMAC employees at the company's loan service center near Horsham.