Unique Treatment of GMAC Under TARP de Robert W. Crowley

Unique Treatment of GMAC Under TARP

Robert W. Crowley

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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Cuprins

Preface; March Oversight Report: The Unique Treatment of GMAC under the TARP; Opening Statement of Elizabeth Warren, Chair of the Congressional Oversight Panel - Congressional Oversight Panel Hearing on GMAC Financial Services; Opening Statement of Richard Neiman - Congressional Oversight Panel Hearing on GMAC Financial Services; Written Testimony of Ron Bloom, Senior Advisor to the Secretary of the Treasury, & Jim Millstein, Chief Restructuring Office, U.S. Dept. of the Treasury, before the Congressional Oversight Panel; Written Statement of Michael A. Carpenter, GMAC Chief Executive Officer, GMAC Financial Services, before the Congressional Oversight Panel; Written Statement of Robert S. Hull, GMAC Chief Financial Officer, GMAC Financial Services, before the Congressional Oversight Panel; Statement by Christopher Whalen, Congressional Oversight Panel - Hearing on GMAC TARP Assistance; Index.