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Archive Home > 2008 > December > 25 > GMAC wins bank vote with ease

GMAC wins bank vote with ease

By Eric Dash and Vikas Bajaj / The Bulletin
December 25, 2008

Federal regulators will permit the financing arm of General Motors to become a bank and gain access to billions of dollars in government aid, a crucial step that will help ensure the survival of the company.

In a 4-1 vote, the Federal Reserve Board approved GMAC’s application to....

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