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Treasury Bungled GMAC Bailout, Watchdog Says

Government should have orchestrated a strategic bankruptcy of GMAC instead of investing capital to save it, according to Congressional Oversight Panel


By Kate Berry, American Banker

March 11, 2010

A scathing report by a Congressional watchdog examining the bailout of GMAC Inc. found that the Treasury Department did not adequately protect taxpayer money and should have orchestrated a strategic bankruptcy of the auto finance company.

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