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
I believe that moving more assets under government guarantees is exactly the opposite of what we should be doing.
Addendum: More comment from Felix.