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GMAC chief quits top job

THE boss of GMAC, the US lender that has so far taken $12.5bn (&pound;7.4bn) in US taxpayer bailout money to survive the economic crisis, quit yesterday.<br /><br />Alvaro de Molina, chief executive since April 2008, will be replaced by Michael Carpenter, 62, a director of business lender CIT Group, a company that is currently reorganising in bankruptcy.<br /><br />Molina, who was previously chief financial officer at Bank of America, has been mentioned as a possible candidate to take over as chief executive of the bank.<br /><br />GMAC has been rocked by falling car and housing markets. Earlier this year, a government stress test found&nbsp; the company would need to raise $11.5bn of new capital.<br /><br />Senate Banking Committee Chairman Christopher Dodd said GMAC would receive another $2bn to $5bn of taxpayer money on top of the $12.5bn it has already taken.<br /><br />But in a statement, GMAC said it has asked Treasury to postpone any decisions about putting more funds into GMAC until Carpenter has had time to assess the strength and prospects of the company.<br /><br />Carpenter previously held chief executive positions at Citigroup&rsquo;s Global Corporate &amp; Investment Bank and Salomon Smith Barney.