GMAC is not alone in converting itself into a bank holding company in order to qualify for federal bailout money. Bailout Sleuth reports that American Express (NYSE:AXP) and CIT Group (NYSE:CIT) have done so as well and are swapping equity shares in their company to the government for TARP funds:
 

The Treasury Department authorized $5.72 billion in capital injections Tuesday for two big financial services companies — American Express Co. and CIT Group Inc.

American Express said it won approval to sell $3.39 billion in preferred stock to the government. Although it is known primarily as a credit-card issuer, American Express recently converted to a bank holding company so it could qualify for aid under the $700 billion Troubled Asset Relief Program.

CIT Group said it was approved for $2.33 billion in taxpayer investment. The commercial finance company had announced Monday that the Federal Reserve approved its application to become a bank holding company.

The stock that both companies have sold to the Treasury Department will pay dividends of 5% for five years and 9% after that.