The pushing and shoving at the bailout trough continues, so say the usual unnamed sources. Reuters reports that moves are afoot to change GMAC’s legal status to a “bank holding company.” (This is the same sleight-of-hand Goldman Sachs used a few weeks ago to curry taxpayer favor.) Bank holding companies participate in the FDIC, which makes them eligible for capital injections under King Henry the Paulson’s solid-as-a-jellyfish $700b rescue/bailout plan. Rumor has it that Chrysler Financial would also be dumped into GMAC and the resulting company would be “a financial services company that would offer services including auto loans, interest bearing accounts and credit cards.” Yeah, just what we need: FDIC insured checking and savings accounts at GMAC. This is one of those nightmares from which I just can’t seem to wake up.
Find Reviews by Make: