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GMAC quiet on bailout hurdle after deadline passes (AP)
AP - Even after a crucial deadline came and went, the financing arm of General Motors Corp. remained silent Saturday on whether it cleared a final hurdle to become a bank holding company and gain access to billions in federal bailout money.
yahoo.com

GMAC mum on bailout hurdle as deadline passes
GM's financing arm won't say if it has met conditions to gain access to billions in U.S. federal aid
The Globe and Mail

GMAC mum on whether it gets bite of federal bailout
Even after a crucial deadline came and went, the financing arm of General Motors Corp. remained silent Saturday on whether it cleared a final hurdle to become a bank holding company and gain access to billions in federal bailout money.
HoustonChronicle.com

Year-end strategies to trim your taxes
'Tis the season to make last-minute tax-saving moves. Just don't automatically repeat everything you've done in past years. Because of several tax-law changes and questions about what may lie ahead in 2009, you may need to consider new strategies -- or at least a few variations on old themes.
The Salt Lake Tribune

US stocks close higher
NEW YORK: US stocks closed higher in thin post-Christmas trading Friday after the US Federal Reserve threw a lifeline to the finance arm of ailing automaker General Motors.
bignewsnetwork.com

Personal spending falls 0.6% in November
Consumer spending declined in November, new federal data show, though it rose on an inflation-adjusted basis as the prices of gas and food took a big dip.
bizjournals

A Christmas Story For The Times
Joseph and Mary got off the bus in Detroit. He had worked as a carpenter for 20 years, but lost his job. His pension was invested with Bernard Madoff, and there was no federal bailout for carpenters. He and Mary had no place to live, and Mary was pregnant.
NPR

Will GMAC change really sell cars?
Several analysts expressed skepticism Friday that the Federal Reserve's decision allowing GMAC Financial Services to become a bank holding company would spur many more people to buy cars.
The Salt Lake Tribune

Phila. seeks federal funds for list of projects
The morgue and the medical examiner's offices are obsolete. A new Youth Study Center needs to be built. Both the Belmont Water Treatment Plant and the Northeast Water Pollution Control Plant are deteriorating.
CBC.ca

Unclear if GMAC met final hurdle for bailout funds (AP)
AP - The financing arm of General Motors Corp. wasn't immediately saying early Saturday whether it had met a midnight deadline to clear a final hurdle in its quest to become a bank holding company, which would allow it to access billions in federal bank bailout money.
yahoo.com

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