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We Are All "Bank Holding Companies" Now
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American Express did it. Now, it’s GMAC’s turn to wave the magic wand, rename itself a “bank holding company,” and go for its bite of the bailout pie:

GMAC Financial Services (“GMAC”) today announced that it has submitted an application to the U.S. Federal Reserve Board of Governors for approval to become a bank holding company under the Bank Holding Company Act of 1956, as amended (the “BHC Act”). GMAC also announced today that it has submitted an application to the U.S. Treasury to participate in the Capital Purchase Program created under the Emergency Economic Stabilization Act of 2008, conditional upon becoming a bank holding company.

As a bank holding company, GMAC would obtain increased flexibility and stability to fulfill its core mission of providing automotive and mortgage financing to consumers and businesses. GMAC also expects to have expanded opportunities for funding and for access to capital as a bank holding company. If GMAC’s application to become a bank holding company under the BHC Act is accepted, GMAC Bank will become a Utah chartered Federal Reserve member bank.

Another applicant: Protective Life Corporation

Protective Life Corporation (“Protective”) PL announces that it has filed a bank holding company application with the U.S. Federal Reserve Board of Governors and that it has filed an application for the U.S. Treasury Department’s Capital Purchase Program (CPP) under the Troubled Asset Relief Program (TARP). Both of these applications are subject to regulatory approval. In connection with these applications, Protective announces that it has entered into a letter of intent to acquire Bonifay Holding Company, Inc., and its subsidiary, The Bank of Bonifay, of Bonifay, Florida. The acquisition is subject to various conditions, including negotiation of a definitive agreement and approval of Protective’s participation in the CPP.

And more: CIT Applies to Become a Bank Holding Company is no longer a blog. I am putting in an application to the Fed to become a bank holding company, too.

Who’s in with me?


Background link: GMAC Files Application With Federal Reserve to Become Bank Holding Company

Flashback: I am changing my name to Fannie Mae

Flashback: American Express lines up for bailout money

(Republished from by permission of author or representative)
• Category: Ideology • Tags: Subprime crisis