WASHINGTON – The U.S. Treasury Department has acquired a majority stake in another Detroit company, as taxpayers invested an additional $3.8 billion in GMAC, reported The Detroit News. In all, the government has given GMAC $17.2 billion in bailout money, which included $900 million it gave to GM to invest in GMAC. The Treasury now … Read More »

NEW YORK – GMAC Financial Services has announced a series of actions intended to strengthen the company’s capital base, position it for improved financial performance, minimize further adverse effects on GMAC related to Residential Capital, LLC (ResCap) and improve access to the capital markets over time. Additionally, the actions position GMAC to explore strategic alternatives … Read More »

WASHINGTON – The Treasury Department plans to announce as early Wednesday afternoon that it will give GMAC Inc. around $3.5 billion in additional capital, sources told The Detroit News. Detroit-based GMAC and the Treasury Department have been in talks for months to finalize the amount of money the company would receive. The Treasury Department said … Read More »

Despite exceeding limits imposed by companies that have received government aid, the compensation packages for General Motor’s new chief financial officer and the new head of GMAC were approved by the government pay czar, the Associated Press reported. Chris Liddel, who will leave his job at Microsoft on Dec. 31 to take up his new … Read More »

NEW YORK — Annualized net losses (ANL) on U.S. auto ABS rose again in November in a trend likely to continue into 2010, according to Fitch Ratings. Elevated loss frequency will also pressure U.S. auto loan ABS performance in the coming year. Another likely driver will be unemployment, which Fitch projects will hit a peak … Read More »

FRANKFURT – Audi AG said it plans to spend 7.3 billion euros ($10.51 billion) on plant upgrades, new products and technology research as it moves to expand its number of customers worldwide and increase market share, reported The Associated Press. Audi, based in Ingolstadt, Germany, and a unit of Volkswagen AG, said it plans to … Read More »