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) --

GMAC Financial Services'

third request for money from the U.S. Treasury won't help CEO Al de Molina's chance to become the next leader of

Bank of America

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boss Vikram Pandit or deposed


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CEO Ed Liddy have learned, trying to turn around a bailed-out company is a largely thankless task.

Perhaps in part because GMAC is not publicly traded, CEO Al de Molina, who was tapped to run the company last year after a 17-year career at BofA and an earlier stint at what is now

JPMorgan Chase

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, has so far avoided the scorn that has been heaped on other bailed-out CEOs.

One de Molina loyalist believes the executive deserves credit for restructuring the company's debt to enable it to survive until it could get bailed out in December. Had GMAC failed before then and not been able to fund the thousands of GM and Chrysler dealers around the country, this person says, the consequences would have been far worse for the U.S. economy. He adds that the GMAC capital hole was apparent to company executives and regulators at the time of GMAC's original bailout in December.

Still, there appears to be significant resistance among some members of BofA's board to even seriously consider de Molina as CEO.

The Wall Street Journal

reported Wednesday that his name was on a short list of candidates presented to BofA's board at one meeting, but that he was off the list at the end of the meeting.

The newspaper reported de Molina's "recruitment of about 130 employees since he left in 2006 has rankled some executives and diminished his chances to succeed

current CEO Ken Lewis," citing "people familiar with the discussions."

Another executive loyal to the GMAC boss concedes de Molina's chances of running BofA appear to be diminishing, even though he says at least four of BofA's 10 largest shareholders support his candidacy.

If those opposed to de Molina need any more ammunition to kill his candidacy, they will surely make as much use of the GMAC bailout as they can. Whether they are justified in doing so is a subtlety that will likely be lost on most observers.


Written by Dan Freed in New York