GMAC Needs A THIRD Bailout Of At Least $2.8 Billion

Ugh, the bailouts continue, and your taxpayer dollars will continue funding those obnoxious Ally* ads on CNBC.

WSJ: In a stark reminder of how some battered financial firms remain dependent on government lifelines, GMAC Financial Services Inc. and the Treasury Department are in advanced talks to prop up the lender with its third helping of taxpayer money, people familiar with the matter said.

The U.S. government is likely to inject $2.8 billion to $5.6 billion of capital into the Detroit company, on top of the $12.5 billion that GMAC has received since December 2008, these people said. The latest infusion would come in the form of preferred stock. The government’s 34% stake in the company could increase if existing shares eventually are converted into common equity. Read the whole thing >

*After getting a bailout, GMAC rebranded its online bank as Ally, and runs ads constantly. Can someone please spoof these? Please?

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