GMAC Has Filed As A Bank Holding Company
By Zacks Investment Research on November 20, 2008 | More Posts By Zacks Investment Research | Author's Website
We see today that GMAC, the former exclusive financial arm of General Motors Corporation (GM) which is now only 49% owned by the beleagured automaker, has filed as a bank holding company. This would allow GMAC access to the Federal Treasury’s $700 billion Troubled Asset Relief Program.
This news comes as no surprise to Zacks senior financial analyst Neena Mishra, who just this past Tuesday posted a blog on Zacks entitled “Biz Redrawn for Treasury Access.” In it, she had this quote: “We should not be surprised if the big three automakers convert themselves into bank holding companies to get a piece of the pie.” Prophetic perhaps, but also common sense.
With the economy so cash-strapped, it’s pretty much a force of nature that institutions would try to hitch their cart to the quarter-trillion-dollar gravy train. Certainly we will keep abreast of further developments in this regard, but the real news for investors will be when all this slush turns into traction for someone.
Month To Date Market Review
Stock Picks For Monday: Citigroup, JDS Uniphase And General Electric
US Unemployment Rate Troubling, But …
S&P 500: Market Is Strong, But Correction Should Continue
Doctor Up Your Portfolio With This Medical Communications Company
Macedonia’s Jan.-Sept. Trade Deficit At US$1.61 Bln - 1 day ago
Natural Gas Prices Extend Two-Month Low - 1 day ago
Stocks Finish Modestly Higher Despite Weak Jobs Report - U.S. Commentary - 2 days ago
Treasury Economist: Unemployment Numbers Disappointing But Not Unexpected - 2 days ago
Consumer Credit Fell By $14.8 Bln In September - 2 days ago


