WSJ 5/7/09, (now GMAC was more stupid than the too big to fail banks.....can Quicken be far behind?) Geeus, what was the final cost of S&L Bailout I? It was pennys. The federal government projected that 19 of the nation's biggest banks could suffer losses of up to $599 billion through the end of next year if the economy does worse than expected and ordered 10 of them to raise a combined $74.6 billion in capital to cushion themselves. The government's much-anticipated stress-test results unleashed a scramble by the weakest banks to find money and a push by the strongest ones to escape the government shadow of taxpayer-funded rescues. ....................... GMAC LLC has the biggest capital hole to fill of any of the 19 stress-tested banks, relative to the size of its equity, but its role as a lender for General Motors Corp. and now Chrysler LLC means the government is likely to take a big stake in the company. The Treasury said GMAC will have to raise $11.5 billion of additional capital, roughly half of the company's $21.9 billion of total equity. The company is unlikely to be able to raise that money in the public markets due to rising losses from souring mortgages and auto loans and the likelihood that the federal government will control a big stake in the firm, which is owned by GM and an investor group led by private-equity firm Cerberus Capital Management LP. "I think the government will be an extremely important source of capital for the firm," said Mark Wasden, an analyst at Moody's Investors Service. Compared with other banks required to raise equity, GMAC's hole is much bigger. Citigroup Inc.'s capital shortfall, under the stress-test results, totaled $5 billion, a fraction of its $128.1 billion stockholders' equity as of March 31. Similarly, Bank of America Corp. would have to shore up capital by $34 billion. Its common shareholders' equity is $166.3 billion.