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GM is a car manufacturer and a bank. I've been seeing more evidence that every large company will eventually become a bank.
by smoyer 12y ago
GM is a car manufacturer and a bank. I've been seeing more evidence that every large company will eventually become a bank.
- bluedino 12y agoGM sold their financing arm to Cerebus years ago.
- maxerickson 12y agoThe new GM (it's a different legal entity post bailout) bought a bank and renamed it GM Financial: http://en.wikipedia.org/wiki/GM_Financial http://en.wikipedia.org/wiki/GM_Financial The old GM had sold a 51% stake of it's finance corp to Cerberus: http://dealbook.nytimes.com/2012/08/21/profits-in-g-m-a-c-bailout-to-benefit-financiers-not-u-s/?_r=0 http://dealbook.nytimes.com/2012/08/21/profits-in-g-m-a-c-ba... But the US Treasury took majority ownership in the bailout. That entity is now Ally: http://en.wikipedia.org/wiki/Ally_Financial http://en.wikipedia.org/wiki/Ally_Financial
- cylinder 12y agoAnd GE just dumped its finance business to focus on core industrials.
- tdaltonc 12y agoGE is pushing hard to stop being a bank. http://www.economist.com/news/business/21648681-announcing-closure-ges-financial-arm-jeffrey-immelt-has-only-won-half-battle http://www.economist.com/news/business/21648681-announcing-c...