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U.S. Treasury earns dividends on GMAC aid
U.S. Treasury earns dividends on GMAC aid
Posted on Friday, January 15th, 2010 at 12:29 PM EST.(Employee News)
The U.S. Treasury Department’s $16.3 billion investment in GMAC Financial Services is earning hundreds of millions of dollars in dividends, the Automotive News reported.
GMAC just declared a quarterly dividend payment of $129 million on preferred stock issued to Treasury on Dec. 30, the trade paper said. The dividend will be paid Feb. 15, the Automotive News said.
GMAC also paid Treasury $141 million in dividends when the federal government invested an additional $3.79 billion in GMAC in December, the paper said. The latest federal aid bumped the U.S. Treasury’s stake in GMAC to 56 percent from 35 percent and left Cerberus Capital Management’s stake at 15 percent, the story said. (Automotive News)
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Rick
Nitro Year: 2007 (1 of 113,000 sold)
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