GMAC Granted Bank Status Now Eligible To Tap Into $700 Billion Federal Bailout Package

General Motors' chances of survival improved Wednesday after its financing arm became eligible to tap into federal bailout funds.

The Federal Reserve approved GMAC Financial Services' request to become a bank holding company, allowing it to apply for a portion of the $700 billion bailout fund and get emergency loans directly from the Fed.

Analysts had speculated that without financial help, GMAC would have had to file for bankruptcy protection or shut down, dealing a serious blow to GM's own chances for survival. The Fed cited "emergency conditions" in justifying its decision.

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Agent63 - 12/25/2008 9:04:47 AM

+3 Boost

Despite harsh economic times I would like to wish all the staff at AutoSpies and all the members a Merry Christmas. Let the new year bring fortune, prosperity and good health. With all flame wars aside the past year has been fun in regards to disagreements.

From Michael Troll Taylor to ChuckG37 we've had our laughs and moronic comments but trolls are living things too and we should congratulate them for winning the TROLL of the year awards. *CLAP*

VQ engine is superior and every car should have the VQ engine, even super cars like the Veyron, SLR, Carrera GT, and of course Lexus! - :) does that sound right Chuck? lol.

We argue, we disagree but in the end of the day we're all just here for entertainment and I hope no one has been offended.

So what if Hyundai is making strides in the auto industry? it's healthy competition and it just means cars are getting better and technology is moving forward, nothing wrong with that.

So what if the GT-R beat the 911 Turbo on the Nurburgring? their both phenomenal cars with differences that shouldn't matter much for most consumers but we still argue over because it's how we do flame wars on here. It just shows how competitive cars have become and how good they have become in the past 50 years, so toast to that!

So what if Obama is the new President Elect? Doesn't mean he won't be a troll like Bush has been in the past 8 years. Ok fine Barack can actually read. But in the end Americans, Canadians, Chinese, Indians, Russians, Europeans, and people abroad all come together.

May seem like I'm rambling so I will end it here.

EVERYONE,
MERRY CHRISTMAS & HAPPY HOLIDAYS!

zairnaim - 12/25/2008 1:28:30 PM

+1 Boost

and now before the end of the year the question remains who wins the troll of the year award? Michealtaylor(now banned), chuckg37 or the classic el34?

zairnaim - 12/25/2008 1:29:08 PM

+5 Boost

boost this comment box for michealtaylor

zairnaim - 12/25/2008 1:29:55 PM

+5 Boost

this one for chuckg37

zairnaim - 12/25/2008 1:30:25 PM

+4 Boost

and last but not least el34

0to60 - 12/26/2008 12:57:17 PM

+2 Boost

Dont forget Star

zairnaim - 12/25/2008 1:29:31 PM

+1 Boost

this one for chuckg37