With the announcement that it was offering its 509,550 common shares of National Bank of Detroit stock for sale to the public, General Motors Corp. last week wrote an end to one of the strangest careers in banking history.
General Motors jumped into the banking business in March 1933. Virtually every bank in Detroit had been closed for six weeks. All business was at a near standstill. Even rich G.M., which had had some $19,000,000 of its cash impounded, was in a fix. Finally, to the $12,500,000 which the Reconstruction Finance Corp. subscribed to start a new bank, G.M. added a...
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