The parade for bailout bucks continues.
First, it was companies like American Express that decided to reclassify themselves as bank holding companies so that they would be eligible for money under the Crap Sandwich Bailout.
Now, GMAC has joined the ranks:
GMAC Financial Services, the financing arm of General Motors, said Thursday that it had applied to the Federal Reserve to become a bank holding company, which would allow it to become eligible for aid under the Treasury’s $700 billion bank rescue plan.
The company said the change in status would shore up its capital position and allow it to continue providing automotive and mortgage financing.
And they’re not alone:
GMAC would follow several other financial institutions that have made similar applications in efforts to strengthen their financial positions, including the credit company, American Express; the investment banks Goldman Sachs and Morgan Stanley; and the commercial lender CIT Group.
You can add Protective Life Corporation to that list as well.
So, you know, I think I’ll go along with Michelle Malkin’s idea.
Below The Beltway is no longer a blog, it is now a bank holding company.
I await my bailout check.
Here, Here! I agree with you.
Speaking of parades, you might enjoy another recent description of the bailout:
“…the parade of unorganized Special Olympics events that is The Bailout.”