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)

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.

Continue Reading