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GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

By Ambreen Ali, Newser User

Posted Dec 24, 2008 4:43 PM CST

(Newser) – The Federal Reserve today approved a request by General Motors’ financial arm to become a bank-holding company so it can petition for money from the $700 billion bailout pot, the Wall Street Journal reports. GMAC would also have access to direct Fed loans, helping loosen... Read full story »

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GM Finance Arm Converts, Will Tap Bailout

Fed approves GMAC's request to become bank-holding company

Chrysler • Cerberus Capital Management • Federal Reserve • General Motors • bank • auto industry • GMAC • financial crisis • Wall Street bailout • auto bailout

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