Over a month ago, I wrote:
GM, Ford and Chrysler have completely mis-framed their appeal for a bailout. Who says they have to make cars? Why not turn the big three into the big lending tree?
On Christmas Eve, I read in the Wall Street Journal:
The U.S. Federal Reserve on Wednesday approved GMAC Financial Services’ application to become a bank-holding company, a status that would give the auto-financing arm of General Motors Corp. access to government bailout dollars and the Fed’s discount window.
The moral of the story: Santa doesn’t care who’s naughty or nice. Merry Christmas.