Tag Archives: Cerberus Capital Management

GMAC gets fed approval to become a bank holding company

GMAC LLC has won approval from the Federal Reserve today to become a bank holding company. After General Motors and Cerberus agreed to cut their stakes in the company, GMAC now has access to government lending programs, reports Automotive News. GM has reduced its stake from 49 percent to no more than 10 percent, while […]

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