Wednesday, October 22, 2014
Inquirer Daily News

US pours another $7.5B into Chrysler, GMAC finance

Treasury has invested another $7.5 billion in GMAC LLC, including $4 billion to help finance the purchase of Chryslers, and $3.5 billion to shore up the former General Motors' affiliate's shaky capital base.

US pours another $7.5B into Chrysler, GMAC finance

General Motors will close its plant near Wilmington, Del., idling the region´s last 450 auto workers. (Michael Wirtz / Staff Photographer)
General Motors will close its plant near Wilmington, Del., idling the region's last 450 auto workers. (Michael Wirtz / Staff Photographer)

Treasury has invested another $7.5 billion in GMAC LLC, including $4 billion to help finance the purchase of Chryslers, and $3.5 billion to shore up the former General Motors' affiliate's shaky capital base. GMAC employs more than 1,000 up in Horsham.

Treasury announced this only after confirming, as expected, JPMorgan Chase & Co., Morgan Stanley, BB&T, and others have repaid a total of $68 billion in taxpayer investments, freeing themselves from onerous executive pay and spending scrutiny while leaving Citigroup, Bank of America, Wells Fargo and other major lenders still on the dole.

About this blog

PhillyDeals posts raw drafts and updates of Joseph N. DiStefano's columns and stories about Philly-area finance, investment, commercial real estate, tech, hiring and public spending, which he's been writing since 1989, mostly for the Philadelphia Inquirer.

DiStefano studied economics, history and a little engineering at Penn, taught writing at St. Joe's, and has written the book Comcasted, more than a thousand columns, and thousands of articles, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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