Can you believe it? Geithner is expecting to give GMAC $5.6 billion more dollars!
Treasury Secretary Timothy Geithner said the final amount was expected to be less than $5.6 billion.
“We’re likely to have to put in less capital than we expected,” Geithner said in testimony before the House Financial Services Committee.
As a result of government stress tests, GMAC needs to raise $9.1 billion in new capital by Nov. 9 and received $3.5 billion in May from the government toward meeting that requirement.