Is Gov't Sitting on Ford's Bank Application?

Is Tax Cheat Tim sitting on Ford's bank application?

And why would he do that?

From the Detroit News:

... a senior Ford executive, who spoke to The Detroit News on the condition of anonymity, said the company is being hurt by the government's restructuring of GMAC LLC as a bank holding company. That allowed GMAC, which is now the lending arm of GM and Chrysler, to receive taxpayer money -- money it is already using to give customers no-interest loans.

"They've just got an unlimited spigot," the source said. "The scary part is all will be forgiven and they will have cleared their books better than us."

The Treasury Department has been slow to act on Ford's application to allow Ford Credit to become an industrial bank. That still would not give Ford access to federal money, but it would allow Ford Credit to secure financing at more favorable rates.

Well, the Treasury is the acting agent for the owners of GM and Chrysler, and Ford is a competitor, so ...

... follow the money and figure it out.

Just another reason that getting into bed with the government has repercussions all up and down the line.