Bank holding company
In 2008, many institutions, including CIT Group and GMAC, received federal government permission to requalify themselves as bank holding companies, which allowed them access to additional stimulus money reserved for banks.
In granting the change of status, the Federal Reserve took note of "exigent" and "emergency" circumstances.
Related Fool Articles
- Wall Street's Land of Make Believe
- The Death of Wall Street
- Bad News for Big Banks
- An Open Letter to the Federal Reserve