GMAC LLC, the big lender co-owned by General Motors Corp. and investor group Cerberus Capital Management LP, is seeking to become a bank holding company, a move that would allow it to gain access to a piece of the government's $700 billion financial rescue plan, according to people familiar with the talks....As part of those discussions, Cerberus, which also controls auto maker Chrysler LLC, has sought to swap most of its Chrysler holdings for a larger share of GMAC, the home and auto lender. Cerberus now controls 51% of GMAC to GM's 49%.
So, how do you feel about bailing out those private equity titans at Cerberus and their co-investors with your kids' tax dollars? If you feel like I do about it, call, email, and write to your senators and representative. Here for your representative and here for your senators.