GMAC investment pays millions for government

Automotive News reports the government’s lifeline to GMAC is already paying dividends. The bank, which replaced Chrysler Financial as the primary lender for Chrysler dealers and customers, just declared a quarterly dividend worth $129 million on the preferred stock issued to the U.S. Treasury at the end of 2009. The most recent payment is on top of $141 million paid in December when the feds put another $3.79 billion in the kitty.

The U.S. government is the majority owner of GMAC. Former majority owner, Cerberus Capital Management, holds a 15% share.

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