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December 2, 2008 9:11:58 PM CST


GMAC

GMAC news stories

3 Stories

Feds Aim to Push Bailout Beyond Traditional Banks

Finance-related firms working with Treasury, which also has eye on Obama transition

(Newser) - After taking ownership stakes in banks totaling $250 billion, the Treasury is preparing to broaden rescue efforts to include companies outside the banking sector, the Washington Post reports. Hundreds of billions of the $700 billion bailout package could go to relieve some institutions that, though not chartered as banks, borrow and lend money, such as General Motors’ financing arm or insurers. More »

6K Nabbed in GMAT Cheating Scandal

Biz schools, test maker go after students who used test-prep site

(Newser) - More than 6,000 students are embroiled in a cheating scandal that could cost them their place at one of the nation’s business schools, BusinessWeek reports. The prospective MBA students were members of ScoreTop.com, a test-prep site that featured current GMAT questions. Test publisher GMAC sued the company, later winning $2.3 million, its domain name, and access to key data. More »

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Soured Deals Dog Brash Cerberus

Chrysler, GMAC struggles point to problems for private equity giant

(Newser) - The continued struggles of Chrysler and GMAC—two of Cerberus Capital Management’s largest and most recognized purchases—have observers wondering if the private equity darling has lost its Midas touch, reports Reuters. S&P has downgraded GMAC’s credit rating, Chrysler's January sales slipped 12% even as the company set about cutting models and dealerships in an effort to return to profitability. More »

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