Description
GMAC's aid came in mid-December of 2008, when Treasury Secretary Hank Paulson stepped in to rescue GM and Chrysler. You can see the full tally of the auto industry bailout here.
Eye on the Bailout
GMAC
Detroit, Mich.
| Committed: | $16,290,000,000 | ||||
| Disbursed: | $16,290,000,000 | Returned: | $0 | Revenue to Gov't: | $854,829,861 |
| Net Outstanding: | $15,435,170,139 | ||||
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| 2.6% | of all bailout funds committed. |
| 12.7% | of the Financial Services Company industry bailout. |
Stress Tested
This company is among the 19 companies that underwent a "stress test." Regulators determined that it needs to raise $11.5 billion in additional capital.
See the list of all 19 stress-tested companies here.
Map: Corporate headquarters of GMAC.
See all recipients in Michigan
Events
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$5B
Dec 29, 2008 Purchase - Preferred Stock w/ Exercised Warrants
Part of the Automotive Industry Financing Program
More info from www.treas.gov
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May 7, 2009 Federal releases the results of its stress tests
According to the results of the Federal Reserve's "stress tests," 10 of the 19 largest banks will have to raise a total of $74.6 billion in additional capital to withstand a dire economic scenario. Ultimately, all of the banks raise the money privately, with the exception of GMAC.
More info from www.propublica.org
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$7.5B
May 21, 2009 Preferred Stock w/ Exercised Warrants
Part of the Automotive Industry Financing Program
More info from www.financialstability.gov
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$159.6M
May 31, 2009 Dividends Paid Through 5/31/2009
This amount reflects the sum of dividends paid up to 5/31/2009
Part of the Automotive Industry Financing Program
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$271M
Aug 17, 2009 Dividends Paid in Aug. 2009
Part of the Automotive Industry Financing Program
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Oct 22, 2009 TARP Chief for Exec Compensation Releases Findings
The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.
More info from www.financialstability.gov
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$282.8M
Nov 16, 2009 Dividends payment
Part of the Automotive Industry Financing Program
-
$141.4M
Dec 30, 2009 Dividend Payment
Part of the Automotive Industry Financing Program
More info from www.financialstability.gov
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$2.5B
Dec 30, 2009 Trust Preferred Securities
Part of the Automotive Industry Financing Program
More info from media.gmacfs.com
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$1.3B
Dec 30, 2009 Mandatory Convertible Preferred Stock
Part of the Automotive Industry Financing Program
More info from media.gmacfs.com
| Date | Type | Amount | Program | Description |
|---|---|---|---|---|
| 12/30/2009 | Dividend | $141,406,250 | AIFP | Dividend Payment |
| 12/30/2009 | Purchase | $2,540,000,000 | AIFP | Trust Preferred Securities |
| 12/30/2009 | Purchase | $1,250,000,000 | AIFP | Mandatory Convertible Preferred Stock |
| 11/16/2009 | Dividend | $282,812,500 | AIFP | Dividends payment |
| 08/17/2009 | Dividend | $271,000,000 | AIFP | Dividends Paid in Aug. 2009 |
| 05/31/2009 | Dividend | $159,611,111 | AIFP | Dividends Paid Through 5/31/2009 |
| 05/21/2009 | Purchase | $7,500,000,000 | AIFP | Preferred Stock w/ Exercised Warrants |
| 12/29/2008 | Purchase | $5,000,000,000 | AIFP | Purchase - Preferred Stock w/ Exercised Warrants |
For our blog, resources and more, see our main bailout page.
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Homeowners Getting Blame for Lack of Loan Mods, but Evidence Points to Banks and Servicers, Too 12/9
Bailout Balance Sheet December 2009: Taxpayers’ Revenues Grow, but So Do Losses 12/3
AIG May Soon Lose Crown as Biggest Bailout Debtor 12/1
GM Announces It Will Pay Back Gov’t Loan … With Gov’t Money 11/16
Govt’s Attempt to Push Transparency for Mortgage Mods Falls Short 11/13
Adding Up the Financial Rescue: Fall Edition 10/2
Why Authorities Haven’t Stopped the Foreclosure ‘Rescue’ Boom 9/24
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