In October, GMAC (NYSE:GKM) changed its legal status so that it would be eligible for TARP funds passed by Congress. Late last month, GMAC was approved to receive a $5 billion lifeline from the U.S. government. However, the company is still maintaining its sponsorship of a collegiate bowl game set for Jan. 6 in Mobile, Ala.
"There's about 34 bowl games, 30 of which are sponsored in one way or the other," Fox Business Network's Jenna Lee said Jan. 2 on the Fox News Channel's "Happening Now." "The lower-level, the mid-level games pull in about six figures to have your name attached to one of the games - that's the estimate. And the big games, let's say the Rose Bowl for example, or the Sugar Bowl, or the Orange Bowl - those figures go upwards of $5 to $6 million for some sort of sponsorship."