GMAC was supposed to raise $30 billion in order to be considered as a bank holding company and thus eligible to receive our money. Well, they extended the deadline four times and still were able to raise only $21.2 billion. Yet, our representative in Washington felt that this was pretty close to $30 billion so they bought $5 billion of preferred stock and lent GMAC another billion.
A billion here, a billion there. It's only paper. And we have tons more of that.
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