GMAC Too Poorly Capitalized to Become Bank Holding Company

It has been announced this morning that GMAC needs $30 billion of capital in order to qualify to become a bank holding company. They don't have the funds. This further underscores how desperate the auto companies are. This has the potential to impact the capability of auto dealers to fund their purchases of the cars in their show rooms, and of consumers to borrow enough to pay for new cars.