Cerberus Capital Management LP

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GMAC Looks to Become Commercial Bank, Gain TARP Access

Oct 29, 2008By

The mad rush for federal handouts is officially on, and the latest twist involves mega-lender GMAC LLC, co-owned by General Motors Corp. [stock GM][/stock] and Cerberus Capital Management LP — media reports Wednesday morning suggested the financial giant is mulling a commercial bank charter in order to access some of the $700 billion funds approved by Congress under the Treasury’s Troubled Asset Resolution Program, or TARP.

3d rendering of a row of luxury townhouses along a street

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