Troubled consumer finance company GMAC reportedly needs more taxpayer bailout money, on top of the $12.5 billion it’s already received. Robert Bench, an ex-deputy Comptroller of the Currency and now senior fellow at the Law school’s Morin Center for Banking and Financial Law, says it’s understandable because GMAC concentrated most of its risk on a selected consumer product – autos.
“It is exactly that risk that causes a dearth of private sector financial support for GMAC, requiring billions in federal financing to keep it operating.”
Contact Robert Bench, 617-353-5428, bobbench@bu.edu
