Rochester, New York 12/31/2009 5:10:00 AM
News / Business

GMAC Financial Services to Receive Additional $3.5B from Government

GMAC Financial Services, the former financial arm of General Motors, is expected to get about $3.5 billion in additional U.S. government assistance, according to Reuters.

 

The announcement is expected within days, according to a source who did not want to be identified to Reuters.

 

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GMAC has already received $12.5 billion in aid from the federal government since December 2008.

 

In November, GMAC Chief Executive Al de Molina resigned, and was replaced by Michael Carpenter, a former Citigroup (NYSE: C) executive.

 

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