Congressional Panel Questioning Repetitive Bailouts At GMAC

The Treasury Department has failed to explain why it continues to invest billions of dollars in Detroit-based auto lender GMAC Inc., a congressional watchdog panel said today.

The Congressional Oversight Panel, in a report today, criticized the government's $17.2 billion bailout of GMAC that's come in three separate rounds -- with the largest, $3.8 billion, infusion on Dec. 30. In doing so, the Treasury Department acquired a 56 percent majority stake in the company, up from its 35.4 percent stake.

GMAC's bailout and the rescue of General Motors Co. and Chrysler Group LLC were funded by the $700 billion Troubled Asset Relief Program.



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