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Dec. 24 (Bloomberg) -- GMAC LLC won Federal Reserve approval to become a bank holding company, enabling the auto lender to tap U.S. financial industry bailout programs and help keep General Motors Corp. in business.
The Fed is using emergency powers to grant Detroit-based GMAC’s request because of the “unusual and exigent circumstances affecting the financial markets,” according to a statement from the central bank today. To comply with rules about who can own a bank, GMAC’s majority owner Cerberus Capital Management LP agreed to distribute its stake to its investors and minority owner GM will cede all control.