Since when did $3.5 Billion become “no big deal?”
by Tom on December 30, 2009
in Market Musings, banks
The announcement came out that the Treasury is going to be giving $3,500,000,000 to GMAC. It’s pretty much being treated as a non-event in the markets.
So what does this tell me? A couple of things:
- $1 Billion sure ain’t what it used to be.
- If the government thinks that they need to give any additional funding to a mortgage company, that tells me that the government doesn’t think this is done yet.
I’ll have more as time goes on.
Tom Vanderwell
Treasury plans to inject around $3.5 billion into GMAC | detnews.com | The Detroit News
The Treasury Department plans to announce as early Wednesday afternoon that it will give GMAC Inc. around $3.5 billion in additional capital, sources told The Detroit News.Detroit-based GMAC and the Treasury Department have been in talks for months to finalize the amount of money the company would receive. The Treasury Department said earlier this year it would invest up to $5.6 billion more in GMAC — on top of $13.4 billion GMAC has received over the last year.
Technorati Tags: GMAC, Treasury, Bailout
