GMAC bailout in jeopardy - KWWL - Eastern Iowa Breaking News, Weather, Closings

GMAC bailout in jeopardy

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WATERLOO (KWWL) -- Investors should find out today if GMAC Financial, the finance arm of General Motors, will be part of a government bailout.

The company missed a deadline from the federal reserve to come up with a plan to manage its debt. Analysts have speculated that if GMAC doesn't obtain financial help it would have to file for bankruptcy protection or shut down, which would be a serious blow to parent GM's own chances for survival.

GMAC employs more than 600 people at its Waterloo office. It laid off 16 people there this past September.

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