
Ebook: Unique Treatment of GMAC under TARP
Author: Robert W. Crowley
- Tags: GMAC (Firm), Troubled Asset Relief Program (U.S.), Bank holding companies -- United States., Bank failures -- Government policy -- United States., Banks and banking -- State supervision -- United States., Financial institutions -- United States -- Finance., BUS004000, BUS027000
- Series: Financial Institutions and Services
- Year: 2010
- Publisher: Nova Science Publishers
- City: Hauppauge, United States
- Edition: 1
- Language: English
- pdf
GMAC is a diversified financial services firm that derives its revenues from automotive finance, where it holds a dominant position, as well as mortgage operations, insurance operations, and commercial finance. The U.S. government has spent a total of $17.2 billion to support GMAC under the TARP. GMAC received funds on three separate occasions, spanning both the Bush and Obama Administrations. As part of the government bail-out effort, GMAC has received special treatment apart from the funds in order to meet the capital buffers established under the bank "stress tests" because it could not raise funds from private sources. This book examines the unique treatment given GMAC under the TARP.
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