Erroneous claims for vehicle tax credits cost U.S. taxpayers over $33 million
After determining that 20% of the claims for federal tax credits for alternative and plug-in electric vehicles in the first seven months of 2010 were erroneous, the Treasury Department's... Read more
US government converts preffered stock of Ally Financial into common shares
As the U.S. government converted $5.5 billion of preferred stock into common shares, Ally Financial Inc. is inching closer to reclaiming its independence. Ally is formerly the lending... Read more
GM properly used escrowed cash for the U.S. loan payment
As you may know already, GM repaid its $4.7 billion in U.S. loans last week but, according to a Treasury Department official said in responding to complaints from a Republican senator,... Read more
GMAC reported net losses of $5 billion in the fourth quarter
GMAC Financial Services said recently that it is prepared to take advantage of opportunities in the global auto finance business. Last month, GMAC received additional aid from the U.S.... Read more
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