http://www.msnbc.msn.com/id/28419386/
Days after the passage of a key deadline, the financing arm of General Motors Corp. remained silent Monday on if it cleared a final hurdle to become a bank-holding company and gain access to billions in federal bailout money.
Analysts have speculated that if GMAC Financial Services LLC 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.
GMAC had received the Federal Reserve’s approval to become a bank-holding company last week, but the approval was contingent on the auto and home loan provider completing a complicated debt-for-equity exchange by 11:59 p.m. EST Friday.
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
