Christmas came on time for Cerberus Capital! They got their wish as the Fed magically turned GMAC from a failed investment into a bank:
TARP is just about empty now that its last $15B or so has been given to automakers, so the next Treasury secretary will have the ignominious duty of asking for the next $350B appropriation.
Never underestimate the power of private equity investors to get what they want even when they're on the ropes. They are the new Masters of the Universe.
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.
TARP is just about empty now that its last $15B or so has been given to automakers, so the next Treasury secretary will have the ignominious duty of asking for the next $350B appropriation.
Never underestimate the power of private equity investors to get what they want even when they're on the ropes. They are the new Masters of the Universe.
