updated 9:42 p.m. EST, Mon December 29, 2008

Treasury bails out GMAC with $5 billion

The Treasury Department is taking a $5 billion stake in GMAC in order to bail out the financing arm of troubled auto giant General Motors, officials said Monday night. The government also broadened its $17.4 billion bailout of the industry, saying it would lend an additional $1 billion to GM so it could invest in the reorganizing GMAC, CNNMoney.com reports. full story

CNNMoney: AIG bailout $127.7B and counting
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