Treasury says likely to exit GMAC via share sale

Newswire

WASHINGTON, Feb 25 (Reuters) - The U.S. Treasury Department will likely exit its investment in GMAC Financial Services this year through a gradual sale of shares following a public offering, two department officials said in prepared testimony on Thursday. GMAC is now capitalized at levels well-above historical industry averages, Ron Bloom, senior advisor to Treasury Secretary Timothy Geithner and Jim Millstein, chief restructuring officer at the Treasury Department, said in written ...

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