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“CHICAGO (MarketWatch) — GMAC Financial Services said Wednesday that its application to become a bank holding company under the Bank Holding Company Act of 1956 has been approved by the Board of Governors of the Federal Reserve System. In addition, GMAC Bank has received approval from the Utah Department of Financial Institutions to convert to [...]

By Alexander Davis
SAN FRANCISCO (MarketWatch) — General Motors Corp. reportedly has held preliminary talks to acquire Chrysler LLC, against the backdrop of an increasingly bleak decline for the auto industry. Reports on Friday night by The Wall Street Journal and the New York Times both cited unnamed people familiar with discussions between the two U.S. [...]