On Wednesday, the Federal Government confirmed that it will be now holding a major stake in the struggling auto lender GMAC after approving additional bailout funds worth $3.8 Billion to help the troubled company. GMAC was unable to raise the funds required to balance out its massive losses through private investors.

Reports have confirmed that the US Government is giving an aid of about $3.5 billion to GMAC Financial Services. This loan has been taken to do away with the losses related to its mortgage operations.

In another example of how companies are tumbling under the economic crisis, GMAC Financial Services Inc., has urged the Treasury Department for yet another taxpayer bailout. A matter about which both the company and the Department are currently in talks will, if it gets through, count as GMAC's third tax payer aid.