A billion dollars here, a billion there. Barely a whimper greeted reports that the US government stands poised to inject more than $7bn into GMAC as part of a new aid package that could reach $14bn. The cost of protecting the automotive finance company’s debt fell only slightly. But then, it was expected that the government would have to offer support after its stress tests found GMAC needed $11.5bn in capital. That nabbed the company the booby prize in a miserable field, requiring 104 per cent of its fourth- quarter core tier one capital, versus nearest rival Bank of America at 46 per cent.

GMAC was always the field’s odd one out. That is perhaps why, having studiously avoided taking majority stakes in banks during this crisis, the government may acquiesce at GMAC – which achieved bank-dom only thanks to a visit from the Christmas fairy that allowed the lender to receive $5bn in bail-out funds in December. Private investors have proved obliging in meeting some $45bn of planned or executed capital requests from the rest of the Stress Test 10. A lender to car buyers and dealers, however, is one basket-case industry too far.