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GMAC Granted Bank Status Now Eligible To Tap Into $700 Billion Federal Bailout

Discussion in 'The Coffee Shop ~ Chit Chat' started by ChevyFan, Dec 25, 2008.

  1. ChevyFan

    ChevyFan November Beard Grower - Cancer Fighter Staff Member 5+ Years 5000 Posts

    The Federal Reserve approved GMAC Financial Services' request to become a bank holding company, allowing it to apply for a portion of the $700 billion bailout fund and get emergency loans directly from the Fed.
     

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