Quick Hits: GMAC, Bank Holding Company Reject
It doesn’t look like GMAC will become a bank holding company unlike Goldman Sachs (GS) Morgan Stanley (MS) and American Express (AXP).GMAC the financing arm of General Motors (GM) and its mortgage unit Residential Capital haven’t been able to raise enough capital to make the switch increasing the possibility that GMAC will file for bankruptcy protection. GMAC’s planned $38 billion debt exchange didn’t attract enough interest from debt holders to complete the deal. The company is about $30 billion short of the minimum capital demanded by the Federal Reserve to become a bank holding company. GMAC sought to become ...
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