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The Federal Reserve has granted GMAC, a major lender to GM dealers, the status of a bank holding company. This decision effectively gives GMAC access to the bailout funds for the financial sector.

This also came out today:

“While GMAC has not quantified its capital injection request from Troubled Assets Relief Program (TARP), we estimate the company could have applied for up to about $6.3 billion,” CreditSights analysts Richard Hofmann and Adam Steer said in a report late on Thursday. - Reuters

My question is, what does it take to become a “bank holding company” and be considered for billions of dollars of bailout money? Why can’t we (as taxpayers) know exactly how much money each of these companies is getting??

Jeremy

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