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SATURDAY, NOVEMBER 21, 2009
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NEWS ABOUT: GMAC

GMAC stories: 16 news summaries

Pay Czar Slashes Top Salaries at 7 Bailed-Out Firms

175 top earners will see pay cuts averaging 50%

Oct 21, 09 3:53 PM CDT
(Newser) - President Obama’s pay czar will cut compensation for the 25 highest-paid employees at seven companies that took large amounts of government aid. The 175 executives will face salary reductions of 90%, but with other compensation elements added in, the total reductions average 50%. Ken Feinberg also will require the... More »

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Chrysler • Citigroup • executive compensation • Bank of America • General Motors • AIG • compensation • bailout • GMAC • Wall Street bailout • pay czar

Investors Ditch Once Lofty Cerberus Fund

Failed investments in Chrysler, GMAC have clients pulling $5.5B

Aug 29, 09 3:48 PM CDT
(Newser) - Hedge-fund investors are leaving once-vaunted investment firm Cerberus Capital Management in droves, the Wall Street Journal reports. The firm, whose acquisitions of Chrysler and GMAC turned disastrous, is seeing $5.5 billion in capital—or 71% of its hedge fund assets—walk out the door. "We have been... More »

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Chrysler • Cerberus Capital Management • investors • recession • hedge fund • Stephen Feinberg • liquidity • GMAC • economic downturn

(Newser) - Just because top banking executives took home hefty paychecks in recent months doesn't mean they'll get to keep the money, reports Reuters. White House pay czar Kenneth Feinberg declared he has clear authority to "claw back" egregious bonuses already paid out by any bank that received federal TARP money.... More »

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Chrysler • Citigroup • executive compensation • Bank of America • Goldman Sachs • General Motors • bailout • GMAC • American International Group • executive bonuses • Kenneth Feinberg • pay czar

Obama's Pay Czar Meets With Bailed-Out Firms

Must make tricky decision on how much top execs get paid

Aug 9, 09 12:34 PM CDT
(Newser) - Kenneth Feinberg has one of the hardest jobs in America: Filling in the amount on the paychecks of top execs at the seven firms that received the biggest government bailouts, the Washington Post reports. Feinberg has the power to set the pay for the 125 most highly paid employees at... More »

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Citigroup • executive compensation • Bank of America • AIG • GMAC • performance pay • Kenneth Feinberg

(Newser) - An annual survey of driver smarts is out, and the coasts fare poorly, the Los Angeles Times reports. Conducted by GMAC, the survey posed questions from US drivers license tests and found that 20% of current drivers would fail a written exam. New York ranked dead last and California... More »

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driving • driver's license • survey • GMAC • cars • test • rules of the road

 GMAC Gets 
 New $7B Bailout 

Treasury could double the injection as it moves closer to majority stakeholder

May 21, 09 7:19 AM CDT
(Newser) - The Treasury is prepared to inject another $7 billion into GMAC as the first stage in a new bailout that could double to $14 billion, putting the government on a trajectory to be the majority stakeholder in both GMAC and General Motors by year's end, the Wall Street Journal reports.... More »

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Chrysler • General Motors • bailout • GMAC • financial crisis • auto bailout

Madoff Victims' Advocate Sues Ezra Merkin

Trustee wants $558M back from feeder-fund withdrawals

May 8, 09 7:24 AM CDT
(Newser) - The trustee representing investors who lost their savings with Bernie Madoff is suing Ezra Merkin, the feeder-fund manager who withdrew $558 million from Madoff's shop before the collapse of his Ponzi scheme. Irving Picard, who is responsible for winding down Madoff's defunct company, alleges that Merkin should have known from... More »

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fraud • Ponzi scheme • GMAC • Bernard Madoff • Ezra Merkin • Bernard L. Madoff Investment Securities • Irving Picard

Top Subprime Lenders Owned by Bailout Banks

Analysis of gov't data reveals sources of the economic meltdown

May 6, 09 9:28 AM CDT
(Newser) - Some 21 of the top 25 subprime lenders that triggered the global economic collapse were either owned or financed by banks that ended up needing bailouts, an analysis by the Center for Public Integrity finds. Among the backers, who make huge profits on the subprime business, were Lehman Brothers, Merrill... More »

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Citigroup • subprime mortgages • Wells Fargo • AIG • mortgage loans • GMAC • investment banks • JPMorgan Chase • subprime lender • banks • financial crisis • TARP

Feds' Cash in Hand, GMAC Kicks Credit Into High Gear

Automaker offering new, low financing options for consumers

Dec 31, 08 9:22 AM CST
(Newser) - Now that the Treasury Department has pumped $6 billion into GMAC, its lending arm, GM, along with its dealers, is rushing out new financing deals for credit-strapped consumers, the Wall Street Journal reports. “The minute the news hit, we began contacting customers,” said one Michigan dealer, whose employees... More »

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General Motors • Treasury Department • credit • auto sales • GMAC • financing

MARKETS

 Dow Rises 184 on GMAC News 

Dow rises 184 despite drops in home prices, consumer confidence

Dec 30, 08 3:32 PM CST
(Newser) - Stocks rose today as investors were encouraged by the extension of at least $5 billion in bailout money to the financing division of General Motors, MarketWatch reports. GMAC said the aid would allow it to offer loans to more US consumers seeking to buy vehicles. The Dow gained 184.46... More »

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Dow Jones • General Motors • consumer confidence • Nasdaq • home prices • S&P 500 • consumer confidence index • GMAC

 GMAC Grabs 
 $6B Federal Lifeline 

Government uses bailout funds used to buy stake in auto finance giant

Dec 30, 08 3:41 AM CST
(Newser) - The federal government is dishing out a $6 billion bailout to keep auto financing giant GMAC afloat, the New York Times reports. The Treasury Department will spend $5 billion to buy a stake in the former General Motors subsidiary, and will loan GM a further billion so the company can... More »

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Chrysler • Cerberus Capital Management • General Motors • Treasury Department • auto industry • bailout • GMAC • financial crisis • TARP

 GM Finance 
 Arm Converts, 
 Will Tap Bailout 

Fed approves GMAC's request to become bank-holding company

Dec 24, 08 4:43 PM CST
(Newser) - The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen credit and complement the $17.... More »

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Chrysler • Cerberus Capital Management • Federal Reserve • General Motors • bank • auto industry • GMAC • financial crisis • Wall Street bailout • auto bailout

 GM, Chrysler 
 Revive  Merger Talks 

Chrysler's private equity owner signals willingness to give up a stake

Dec 18, 08 1:46 AM CST
(Newser) - General Motors and Chrysler are back in merger talks, reports the Wall Street Journal. Negotiations fizzled weeks ago as both companies viewed a merger as impractical and a potential distraction from federal bailout talks. Chrysler owner Cerberus Capital Management took the initiative to restart talks, and has signaled a willingness... More »

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Chrysler • Cerberus Capital Management • General Motors • merger • auto industry • US automakers • GMAC

Feds Aim to Push Bailout Beyond Traditional Banks

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

Nov 7, 08 11:19 AM CST
(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... More »

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Henry Paulson • Treasury Department • credit market • bailout • GMAC • credit market chaos • financial crisis • President Obama

6K Nabbed in GMAT Cheating Scandal

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

Jun 29, 08 6:04 PM CDT
(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... More »

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test score • student • cheating • tests • GMAC • GMAT

Soured Deals Dog Brash Cerberus

Chrysler, GMAC struggles point to problems for private equity giant

Feb 25, 08 1:15 PM CST
(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... More »

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private equity • Chrysler • Cerberus Capital Management • General Motors • Stephen Feinberg • GMAC • AerCap Holdings • Teleglobe International

16 Stories


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