Ally IPO to Come Sooner Than Expected, Geithner Says
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Ally Financial Inc., the auto lender formerly known as GMAC Inc., will sell shares to the public sooner than government officials expected, U.S. Treasury Secretary Timothy Geithner said.
“We’re working very hard with the management and board of GMAC to achieve that outcome,” Geithner said today, referring to an initial public offering, in testimony to the Congressional Oversight Panel for the Troubled Asset Relief Program in Washington. “I don’t know how quickly but it’s going to be much sooner than we thought six months ago.”