GMAC’s Participation in TARP

On December 29, 2008, GMAC Financial Services announced that it has sold $5 billion of its preferred membership interests and warrants to the United States Department of the Treasury as a participant in the Troubled Assets Relief Program (TARP) established under the Emergency Economic Stabilization Act of 2008. Cravath, in its capacity as counsel to the Board, acted as primary outside counsel to General Motors Corporation in connection with both the sale and the December 24 U.S. Federal Reserve Board approval of GMAC’s application to become a bank holding company.

The lawyers involved in these matters include partners Philip A. Gelston, Robert D. Joffe, B. Robbins Kiessling, Ronald Cami, Michael L. Schler and associate Jonathan L. Corsico.