Question: Does having a "piggy bank" allow one to seek one-bank holding company status from the Fed? This a question that I sent to my Representative in Congress. You may want to do the same, since it seems everyone is becoming a one-bank holding company.
Shocker!!! The Wall Street Journal reports that the "Federal Reserve's decision to make GMAC LLC a bank-holding company throws the unit a desperately needed lifeline, but further entangles the federal government in areas of the economy it once considered beyond its purview.
In a Christmas Eve decision, the Fed gave a present to GMAC, a finance company controlled by private-equity fund Cerberus Capital Management and General Motors Co., to qualify as a bank. As a federally regulated bank-holding company, GMAC potentially gets access to billions of dollars of Treasury funds dedicated to recapitalizing banks."
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