GMAC could get $7.5b
China Daily | Updated: 2009-05-12 08:11
GMAC, the troubled automobile lender, may receive a $7.5 billion infusion from the US government as early as next week, the Washington Post reported in its Saturday edition, citing unnamed sources.
The funds for GMAC would come as part of an Obama administration package that aims to revive the nation's financial system even after it found that major banks need less financial aid than expected, the Post said.
US Treasury Secretary Timothy Geithner told Reuters Television that the administration will provide substantial support to GMAC, a vital provider of financing for buyers of US-made cars.
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