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Thursday, March 11, 2010
Watchdog: GMAC bailout could cost taxpayers $6.3B
DANIEL WAGNER ―
WTOP
The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy or proof the company was viable _ a decision that could cost taxpayers $6.3 billion, a new watchdog report says.
The government said the $17.2 billion bailout was a necessary step to save troubled automakers General Motors and Chrysler. GMAC provides critical financing to auto dealers, who borrow to finance their fleets until the cars can be sold to consumers.
Yet GMAC faced far fewer conditions than the bailed-out automakers, the report says. When the automakers were rescued, they were forced into bankruptcy. Shareholders lost their investments, creditors took a hit and executives were forced to detail plans for making the companies viable.
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