GMAC to become US QANGO

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BY MEENA THIRUVENGADAM
WASHINGTON—The Treasury Department on Wednesday said it will provide GMAC Financial Services with an additional $3.8 billion in capital and assume a majority stake in the firm.

The money, along with adjustments to existing aid already provided to the firm, aims to close a capital shortfall identified by government stress tests in May. The additional aid brings the total U.S. investment in GMAC to $16.3 billion and raises the government's ownership interest to 56% from the current 35%.

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