Friday, July 31, 2015

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

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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.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

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

Joseph N. DiStefano
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