US Treasury Exercises Swap For $884 Million Of GMAC Common Stock
03 Juni 2009 - 9:04AM
Dow Jones News
The U.S. Treasury Dept. said Tuesday it has swapped an $884
million loan it made to General Motors Corp. (GM) late last year
for an common equity in GMAC LLC.
The exchange, which had been previously announced, gives the
government a 35.4% stake in the lending affiliate of GM, according
to a report on the Troubled Asset Relief Program, or TARP.
-By Tom Barkley, Dow Jones Newswires; 202-862-9275,
tom.barkley@dowjones.com