[Money-matters] Money Matters Supplement

[Marc Cuniberti/Bay Area Process/KVMR FM/KFOK FM Radios]

U.S. throws GMAC $6 billion lifeline


Treasury injects $5B into finance firm key to General Motors' survival,
while automaker gets $1B loan to make its own investment in GMAC.

NEW YORK (CNNMoney.com) -- In yet another move to prop up the crumbling U.S.
auto industry, the government announced Monday night that it will pump $6
billion into GMAC Financial Services, a financing company critical to the
survival of General Motors. The move deepens the federal government's
bailout of the troubled auto industry. Less than two weeks ago, President
Bush announced a $17.4 billion rescue package to prevent the collapses of
General Motors and Chrysler LLC. The GMAC investment commits Treasury to
total bailout spending above the $350 billion limit so far by Congress.
 
Marc' Notes:
Just out, sorry it was not in the update just sent. I cant keep up with all
the money flying everywhere these days.
Note the last RED part. Thought a limit meant you cant go over it
????????????????????????????  
Guess NO doesn't really mean NO.  (Sounds like Clinton don't it).
 
Have a Happy New Year. Lord knows you're gonna pay for it.
 
MC
 
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