We are all “bank holding companies” now
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
MichelleMalkin.com 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
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Fine, but does GMAC have a special section for homosexual lending?
Sounds like a plan to me too. I won’t be greedy, a tiny $50,000.00 should do for what I have lost in the stock market since this dc bunch got their hands on taxpayers money.
L
If your interest rates are descent I’ll start you off with a $2,000.00 deposit.
As soon as you get approved, I’m going to need a mortgage that I can default. I’m thinking about 300k ought to do it.
I figure that way I don’t need to apply to become a bank holding company to get in on the graft.
I’m throwing in the towel on the good old USA. It is no more.
Is Bill Richardson really up for Secretary of Homeland Security? OMFG!!
I can put in fifty cents.
Can anyone lend me fifty cents?
Shoulda read your other post first. LOL. Nevermind about Richardson, I’m still sleepy today.
If you’ll deposit it in the “TRE Holding Company”, then I’ll lend you seventy five cents, at 10% interest compounded daily.
cool…I need a bailout for the ferrari I want to get
About to send in my mortgage payment. Should I just buy an atv on credit instead?
It’s like watching an old Muhammad Ali (aka Cassius Clay) fight–the hits just keep on coming. The economy (and us) are reeling under the punches and will be going down soon–DOW fell like a rock yesterday. Welcome to the new U.S.S.A!
John Bibb
Here is the email I received from GM yesterday about the ‘bailout’, the one they sent denying this is a ‘bailout’:
Dear XXXXXXXXXXXX,
You made the right choice when you put your confidence in General Motors, and we appreciate your past support. I want to assure you that we are making our best vehicles ever, and we have exciting plans for the future. But we need your help now. Simply put, we need you to join us to let Congress know that a bridge loan to help U.S. automakers also helps strengthen the U.S. economy and preserve millions of American jobs.
Despite what you may be hearing, we are not asking Congress for a bailout but rather a loan that will be repaid.
The U.S. economy is at a crossroads due to the worldwide credit crisis, and all Americans are feeling the effects of the worst economic downturn in 75 years. Despite our successful efforts to restructure, reduce costs and enhance liquidity, U.S. auto sales rely on access to credit, which is all but frozen through traditional channels.
The consequences of the domestic auto industry collapsing would far exceed the $25 billion loan needed to bridge the current crisis. According to a recent study by the Center for Automotive Research:
• One in 10 American jobs depends on U.S. automakers
• Nearly 3 million jobs are at immediate risk
• U.S. personal income could be reduced by $150 billion
• The tax revenue lost over 3 years would be more than $156 billion
Discussions are now underway in Washington, D.C., concerning loans to support U.S. carmakers. I am asking for your support in this vital effort by contacting your state representatives.
Please take a few minutes to go to http://www.gmfactsandfiction.com, where we have made it easy for you to contact your U.S. senators and representatives. Just click on the “I’m a Concerned American” link under the “Mobilize Now” section, and enter your name and ZIP code to send a personalized e-mail stating your support for the U.S. automotive industry.
Let me assure you that General Motors has made dramatic improvements over the last 10 years. In fact, we are leading the industry with award-winning vehicles like the Chevrolet Malibu, Cadillac CTS, Buick Enclave, Pontiac G8, GMC Acadia, Chevy Tahoe Hybrid, Saturn AURA and more. We offer 18 models with an EPA estimated 30 MPG highway or better — more than Toyota or Honda. GM has 6 hybrids in market and 3 more by mid-2009. GM has closed the quality gap with the imports, and today we are putting our best quality vehicles on the road.
Please share this information with friends and family using the link on the site.
Thank you for helping keep our economy viable.
Sincerely,
Troy Clarke
Awesome!
Can I get a toaster?
Can I borrow from your bank holding company? I’ll gladly pay you tuesday for a hamburger today - rather owe you than beat you out of it.
I’m in. I’ve loaned my cousin lots of cash. I must be a bank.
Please email the paperwork if you can locate it. I’ll do the same if I find it.
also… how many zeros are in 10 billion dollars? I don’t want to get that part of the application wrong.
Hey, my kids look at me like a bank, so that should be enough to get me a bailout right?
ANYONE with kids qualifies in my book
and Grandkids! Woohoo!
Brother, can you spare a
dimequarterdollarmillion dollarsbillion dollars?Watching the same crowd who whined for years about “corporate welfare” and “crony capitalism” hand out bailouts to big corporations and Wall Street fat cats is so delicious it just has to be fattening.
Poor poor Golden Goose, you are toast!
Me too. I am President of Red Dog Brittany Financial. Deposit at least $1,000 cash with us and you get a 5lb bag of milkbones. As a member of the FDIC I also guarantee the Federal Government has your financial back covered. No worries.
Badda bing badda boom.
Yea, I’m in….
Can I be one of your VICE presidents?
I’d like to hold a bank or two…
Tightly…
Around the neck…
Just remember these words of wisdom, and pretty soon it all falls into place:
After all, if a Senator said it, it must be true. Don’t set your sights too low - you want some of that REAL money in your bailout. Or at least I do.
Tre: Sold! Then I’ll get a $300,000 mortgage and let it go into default and then the feds will bail me out and then we’ll be rolling in the dough!
My collie says:
Any company that can and doesn’t apply to be a “bank holding company” might very well be stupid. Think about it, it’s a loan to do whatever they want that they probably will never have to pay back. All they have to do is give jobs and
Bribesdonations to the right people, DUH! Politics Chicago style!I’m in! Kewl! Now I’ll be able to get that operation I need and have enough left over to open up that special Eharmony account, to start dating the other team.
Can you say Dow Jones
7000,6000,5000, 4000….?I guess after all the gangrapings,’Goldilocks’ will move to the southside and become a crack addict living in a cardboard box.
Dear Fannie Malkin,
Dudette, where’s my TARP?
Sincerly,
AlohaGuy Bank Holding Co, LLC
Cayman Islands, Hawaii
I’ll take half.
CAN I HAZ BILLION DOLLERS?
Awesome! Here’s the deal! You give me a mortgage, I won’t pay it, and then we can both get the government to cough up cash to help us through the tough times ahead!
High 5!
Fabulous - I want to be one of your board of directors and as a lifelong saver in piggy banks - can I apply for it to be a bank holding company too?
Kudos, Insomniac, this is the most cogent summation of the last twenty years of economic and social policy. I’m not being funny here.
Back when my wife and I had our young children(4)we couldn’t get a bank loan to buy a house, now we own part of a lot of banks. Only in America!