Thursday, November 20, 2008

GMAC Seeks to be Bank Holding Company, Access TARP

by Bill McBride on 11/20/2008 09:13:00 AM

From MarketWatch: GMAC moves to tap government funding

GMAC LLC, the financial arm of General Motors Corp., said Thursday that it has applied to become a bank-holding company so it can access some of the emergency cash available through the U.S. Treasury's Capital Purchase Program.