GMAC FINANCIAL SERVICES SOLD FOR $14 BILLION
General Motors Chairman and CEO Rick Wagoner (center) shakes hands with Cerberus Capital Management COO and Senior Managing Director Mark Neporent (left), and General Motors Acceptance Corp. Chairman and CEO Eric Feldstein, Monday, April 3, 2006 in Detroit, Mich. GM announced an agreement to sell a 51-percent controlling interest in GMAC to a consortium of investors led by Cerberus Capital Management, Citigroup Inc., and Aozora Bank Ltd. for approximately $14 billion over three years. GMAC is GM's lending institution, which finances a variety of loans. (UPI Photo/General Motors/John F. Martin)
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