GM Affiliated Loan Company Accepts Public Funds. Changes Head
(Detroit-1/10/2009 10:23 A.M.)
http://www.asahi.com/business/update/0110/TKY200901100054.html
GMAC, a loan company affiliated with American auto giant General Motors announced today that it's chief officer, Ezra Merkin will resign. In December of last year, the U.S. Federal Reserve Board decided to inject personell as well as public funds into GMAC. In addition, with 6 officials to be named by the FRB by March 24th, the management ranks would recieve a complete make over.
GMAC retains 51% of Chrysler parent Cerebus and 49% of GM in stock. Financing for the automobile company amidst slumping sales has fell. Last December, the FRB approved the conversion from a corporate entity to a bank holding company, and announced the investment of $6,000,000,000 into the new company.
Asahi Shinbun
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