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GMAC wants to become a bank holding company so it can participate in the $700 billion banking bailout.

Apparently the deep pockets of Cerberus, the private equity firm that owns a majority of GMAC, aren't deep enough. And we all know that

General Motors

(GM) - Get General Motors Company Report

, which owns a minority stake in GMAC, doesn't have any cash to spare.

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So it makes perfect sense for taxpayers to help out.

Why not? After all,

Goldman Sachs

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did it, and many insurers like

Hartford Financial

(HIG) - Get Hartford Financial Services Group Inc. (The) Report

and

Lincoln National

(LNC) - Get Lincoln National Corporation Report

are doing it too --

buying little banks

so they can qualify for a piece of the taxpayer pie.

This is apparently the new American way. Companies screw up, get in trouble and then turn to the government to bail them out. No worries, the government can always print more money, right?

I can't wait to bank with GMAC. It's obviously a well-run business.