COLUMN-Pull the plug on GMAC: Christopher Swann

Newswire

-- Christopher Swann is a Reuters columnist. The views expressed are his own -- By Christopher Swann NEW YORK, Oct 28 (Reuters) - It is becoming ever harder to justify the drip feed of government funding to GMAC. The government has significant sunk costs in the lender after providing $12.5 billion to keep it alive. Just today GMAC sold $2.9 billion of FDIC-backed debt. Handing over up to another $5.6 billion would make little sense. If the past six months have shown one thing, it is ...

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