DETROIT – General Motor Corp. will lose a significant revenue stream by selling a controlling interest in its financing arm, but the auto maker’s top executive says the resulting equity gain portends long-term advantages. “It’s a home run,” says Rick Wagoner, GM chairman and CEO. The $14 billion GM expects to earn from the sale of a 51% stake in General Motors Acceptance Corp. (GMAC) will go into “a general fund” to boost the auto maker’s turnaround efforts, Wagoner says. GM faces the ...
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