Pay czar limits exec pay at still-struggling GMAC

2010-03-15T15:46:27Z

<div id="subtitle">Pay czar restrains top salaries at GMAC as auto finance giant loses money, relies on bailout</div><div><p>The Obama administration's pay czar is limiting 2010 compensation for top executives at GMAC Inc. because the auto finance giant continues to lose money and can't yet repay its $16.3 billion taxpay...

GMAC CEO will receive no cash salary for 2010

2010-03-11T17:00:43Z

<div id="subtitle">After lucrative 2009, GMAC CEO agrees to take no cash salary for 2010 in deal with pay czar</div><div><p>The CEO of bailed-out auto finance giant GMAC Inc. will receive no cash salary for 2010 and will be compensated in restricted stock, under a deal approved by Obama administration pay czar

Watchdog: GMAC bailout could cost taxpayers $6.3B

2010-03-11T04:00:27Z

<div id="subtitle">Watchdog says Treasury lacks exit plan from GMAC bailout, taxpayers could lose $6.3 billion</div><div><p>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 ta...

U.S. bailout watchdog criticizes Treasury over GMAC

2010-03-10T21:30:07Z

<div><p>WASHINGTON (Reuters) - The U.S. Treasury's decision against a bankruptcy restructuring for GMAC may have increased taxpayer bailout costs for the auto finance company and made it less viable, an oversight group said on Thursday.</p><p>The GMAC chief financial officer Hull departing for position with private equity firm</div><div><p>Automotive finance company GMAC Financial Services will lose its chief financial officer to a private equity firm by the end of March, the company said Tuesday.</p><p>Robert S. Hull will leave GMAC to become CFO at GMAC, the troubled former finance arm of General Motors, has been "stabilized" since the latest government bailout, a special US adviser told a congressional panel Thursday.</p><p>Ron Bloom, a senior adviser to the GMAC reports $5 billion loss in 4th quarter, as money-losing mortgage unit weighs on results</div><div><p>Home and auto lender GMAC Financial Services said Thursday it lost $5 billion in the last three months of 2009, as losses from its mortgage operations kept the company in the red for another quarter.</p><p>GMAC, which is owned by the federal g...

GMAC posts $5 billion Q4 loss

2010-02-22T11:56:55Z

<div><p>NEW YORK (Reuters) - GMAC Financial Services, a lender that is majority-owned by the U.S. government after multiple bailouts, said it lost $5 billion in the fourth quarter after writing down bad mortgage assets.</p><p>GMAC, one of the largest car loan makers in the Un...

Earns GMAC

2010-02-04T07:00:47Z

File - In this file photo taken Thursday, April 30, 2009, a GMAC sign is shown at a GM/Chrysler dealership in Oakland, Calif. G Home and auto lender GMAC Financial Services said Thursday, Feb. 4, 2010, it lost $5 billion in the last three months of the year, as losses from its mortgage operations kept the company in the red for another quarter. (AP Photo/Paul Sakuma, file)

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GMAC expects $5B 4Q loss, selling mortgage assets

2010-02-23T00:56:47Z

<div id="subtitle">GMAC expects $5B loss in 4th quarter, mostly from writing down mortgage assets for sale</div><div><p>GMAC Financial Services, the consumer lender now majority owned by the government, said Tuesday it expects to report a loss of about $5 billion in the fourth quarter thanks to deep writedowns on underperforming mortgage loans it plans to sell.</p><p&g...

GMAC sees $5 billion Q4 loss after latest bailout

2010-02-23T00:55:33Z

<div><p>NEW YORK (Reuters) - GMAC Financial Services &lt;GKM.N&gt;said on Tuesday that it expects to post a combined fourth-quarter loss of about $5 billion largely on charges related to the auto and home finance company's bid to write down or sell risky mortgage assets.</p><p>GMAC, one of the largest car loan ma...

US takes controlling stake in GMAC in third bailout

2010-02-23T07:47:25Z

<div><p>The US government threw troubled GMAC a third lifeline, of 3.8 billion dollars, and took a controlling stake in a bid to turn around the mortgage and auto lender.</p><p>The Treasury said the move would raise its equity stake in GMAC to 56 percent from 35 percent.</p><p>The ailing former finance arm of...

US Treasury injects 3.8 bln dlrs into ailing GMAC

2010-02-23T07:47:26Z

<div><p>The US government unveiled a 3.8 billion dollar fresh capital injection into troubled GMAC, the former finance arm of General Motors that became a bank to access federal aid.</p><p>The capital...

US Treasury injects $3.8 billion into ailing GMAC

2010-02-23T07:49:30Z

<div><p>The US Treasury announced Wednesday a 3.8 billion dollar fresh capital injection into ailing GMAC, the former finance arm of General Motors that became a bank to access federal rescue ...

Govt gives GMAC $3.8B in new aid, boosts stake

2010-02-23T08:12:52Z

<div id="subtitle">Government gives GMAC $3.8B in new aid to stabilize finance firm, adding to US loans of $12.5B</div><div><p>The government gave GMAC Financial Services another $3.8 billion in cash and took a majority stake in the auto lender, aiming to stabilize the company as it struggles with big losses in its home mortgage unit.&a...

Treasury to dole out $3.8 billion to GMAC, raise stake

2010-02-23T08:14:40Z

<div><p>WASHINGTON (Reuters) - The U.S. is injecting another $3.8 billion into GMAC Financial Services to help cover mortgage losses, in a bailout that makes the government the majority owner of the auto and home finance company.</p><p>GMAC said after the capital infusion it does not expect to record more major losses from its m...

US Treasury injects 3.8 billion dollars into ailing GMAC

2010-02-23T07:52:42Z

<div><p>The US Treasury announced Tuesday a 3.8 billion dollar fresh capital injection into ailing GMAC, the former finance arm of General Motors that became a bank to access federal rescue aid.</p><p>"Due to a variety...

Stocks little changed as dollar strengthens

2010-02-23T07:52:05Z

<div><p>Stocks ended the next-to-last day of 2009 little changed as welcome news on manufacturing helped offset a drop in commodities prices.</p><p>The market drew support Wednesday from a key economic indicator that signaled growth in Midwest manufacturing for a third straight month. The Chicago Purchasing Managers Index rose to 60 in December from 56.1 in November. The report found that produc...

Business Highlights

2010-02-23T07:52:56Z

<div><p>Govt gives GMAC $3.8 billion in new aid</p><p>WASHINGTON (AP) — The government is providing a fresh $3.8 billion cash infusion to stabilize GMAC Financial Services as it struggles with hefty losses in its home mortgage unit.</p><p>The Treasury Department says the ne...

Treasury to dole out $3.8 billion more for GMAC

2010-02-23T07:53:36Z

<div><p>WASHINGTON (Reuters) - The Obama administration said on Wednesday it would provide GMAC Financial Services an additional $3.8 billion of government aid, raising the government's stake in the company to 56 percent from 35 percent.</p><p>"These actions offer the best ...

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