GMAC-Dreaming the Impossible Dream
November 16, 2009, 4:42 pm GMAC Chief Resigns as Firm Prepares for More Aid GMAC, the troubled former finance arm of General Motors, said on Monday that its chief executive, Alvaro de Molina, had resigned and would be replaced by Michael A. Carpenter, a former top executive at Citigroup. The announcement comes as the firm closes in on another capital infusion from the federal government. GMAC has already taken in $12.5 billion in lifelines from the Treasury Department, which now holds a 35 percent stake in the firm. GMAC said in a statement that it had asked Treasury to postpone making a decision on a third investment in the company until Mr. Carpenter and his new management team get a better sense of how much money the lender still needs. The company needs as much as $5.6 billion in taxpayer money this month to fill in a capital requirements hole, as determined by the government’s stress test of major financial institutions earlier this year. Though only a fraction of the size of a C…