GMAC cleared to become bank holding company
Posted on February 4, 2009, under About Me.
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27 December 2008
By Emily Kaiser of Reuters
WASHINGTON — GMAC LLC has won US approval to become a bank holding company, giving it access to government lending programs and helping it stave off bankruptcy.
The Federal Reserve’s approval should allow GMAC to continue financing loans for General Motors Corp cars. GM chief executive Rick Wagoner said last week that GMAC’s difficulties were “hammering” the car maker’s ability to sell autos. (more…)
US Decides Our Industry
16 December 2008
Written by Paul Glover
Ford Australia and GM Holden are waiting to hear the outcome of a last- ditch appeal by their American parents for $15 billion in critical short-term funding to prevent them going into bankruptcy.
“We don’t know how it could play out if they fail. That’s not a prospect that anyone wants to contemplate,” the chief executive of the Federal Chamber of Automotive Industries, Andrew McKellar, said yesterday. (more…)
