Ben got his wish that I only pretended he made: GMAC probably won’t become a bailout having company bank holding company after all!

GMAC Financial Services says it hasn’t raised enough capital to become a bank holding company and be eligible for aid under the government’s $700 billion bank rescue plan.

In a last effort to raise the needed cash, GMAC extended the early delivery time for its private exchange and cash tender offers by three days, to Friday. The offers are part of the financing company’s move to buy or swap $38 billion of debt to meet the requirements for it to become a bank holding company.

Who knew it took a lot of money to be given a lot of money?