Congressional Oversight Panel; Printed from

COP Hearing on GMAC Financial Services

On Thursday, February 25, the Congressional Oversight Panel held a hearing in room 342 of the Dirksen Senate Office Building about the government's assistance to GMAC under the Troubled Asset Relief Program (TARP) and the government's broader financial stability efforts. The government spent $17.2 billion in support of GMAC and now owns a 56.3 percent stake in the company.

A video of the hearing is available below.

Witness Testimony

Ron Bloom
Senior Advisor to the Secretary of the Treasury


Jim Millstein
Chief Restructuring Officer, U.S. Department of Treasury


Michael Carpenter
Chief Executive Officer, GMAC Financial Services


Robert Hull
Chief Financial Officer, GMAC Financial Services


Christopher Whalen
Senior Vice President and Managing Director, Institutional Risk Analytics


Michael Ward
Analyst, Soleil-Ward Transportation Research


Opening Statements
Panel Member Statement
Elizabeth Warren
Chair, Congressional Oversight Panel
Richard Neiman Statement
J. Mark McWatters Statement