GMAC needs more bailout

GMAC logoTroubled¬†consumer finance company GMAC reportedly needs more taxpayer bailout money, on top of the $12.5 billion it’s already received.¬† Robert Bench, an ex-deputy Comptroller of the Currency and now senior fellow at the Law school’s Morin Center for Banking and Financial Law, says it’s understandable¬†because GMAC concentrated most of its risk on a selected consumer product – autos.

“It is exactly that risk that causes a dearth of private sector financial support for GMAC, requiring billions in federal financing to keep it operating.”

Contact Robert Bench, 617-353-5428, bobbench@bu.edu

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