GMAC Asking for 3rd Infusion of Taxpayer Cash

Posted on October 28, 2009


From the Associated Press via Yahoo! Finance:

Since the U.S. auto industry been deemed too big to fail, GMAC is taking advantage of its hallowed status and asking the government for cash again. The former financial arm of GM is now asking the Treasury department for between $2.8 billion to $5.6 billion.  We must keep those union employees employed, right?  After two prior infusions and the cash for clunkers program meant to prop up car sales and keep the unions happy, we’re back where we started. 

When do we get to the point that an industry is too big to support?

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Posted in: Economy