Merry Christmas, here is your gift

The Fed’s decision was a welcome holiday present for GMAC’s major
investors, GM and Cerberus Capital Management, which bought a 51
percent stake in GMAC in 2006…The Fed board granted GMAC’s application on an emergency basis,
eliminating the normal process of comment and review in favor of
immediate action.

GMAC is now a bank, even though they haven’t reached requested levels of capitalization.  Here are more detailsElizabeth Duke voted against. 

I believe that moving more assets under government guarantees is exactly the opposite of what we should be doing.

Addendum: More comment from Felix.


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