Financial institution GMAC is bracing itself for a huge $5 billion loss for the fourth quarter of 2009 alone, despite the recent $3.79 billion received from the US Treasury. The news was confirmed by the company’s CEO, Michael Carpenter, who also added GMAC will try its best to recover and repay the money received from the government.
"We are moving forward with our principal mission: strengthening the auto finance business and transforming it into a market-driven, low-cost… (read more)