Geithner vows ‘substantial aid’ for GMAC in Reuters exclusive

A day after announcing the results of ‘stress tests’ of the largest U.S. banks, Treasury Secretary Timothy Geithner told Reuters on May 8 the government would give substantial aid to GMAC, one of the companies found most in need of new capital. CNBC read out Reuters snaps as they crossed the wire and the Wall Street Journal cited Reuters in its own report on GMAC. The New York Times alluded to Geithners remarks and AP culled quotes for a story it wrote. The story won wide Internet play, including on New York Times DealBook blog. In the wide-ranging interview, carried in full by Reuters, Geithner delivered strong criticism of massive pay deals for executives, gave his outlook on the battered U.S. jobs market and spoke of diminished fear in credit markets.