Apparently the Bailout of GMAC is not the same as the Bailout of GM.
Investors were still waiting word if GMAC Financial Services, the financing arm of General Motors Corp., will be eligible for a government bailout. GMAC received the Federal Reserve's approval to become a bank holding company last week, but that was contingent on putting into place a complicated debt-for-equity exchange by 11:59 p.m. EST Friday.
That deadline passed with no word from the company. Analysts have speculated that if GMAC doesn't obtain financial help it would have to file for bankruptcy protection or shut down, which would be a serious blow to parent GM's own chances for survival
Ooooohhhhhh....speculative hog-heaven. GMAC is a dealer-financing (floor planning) player, a buyer-financing player, and a mortgage player (DiTech.com and others.)
All KINDS of stuff could go wickywacky if that debt/equity deal isn't done.
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