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Treasury Adds Capital to GMAC Financial Services

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GMAC is an example of how tangled financial engineering becomes when debt, leverage and inadequate reserves are employed. On November 30, 2006, GM sold a 51% controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, L.P., a private investment firm, who has now given its leveraged position in Chrysler LLC to U.S. taxpayers in order to get out from under its failed investment there.

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