Ally’s Six-Year Bailout to End as U.S. Will Sell Stake
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Ally Financial Inc. said the U.S. government will sell its remaining $1.25 billion stake in the auto lender, resolving the last big bailout from an emergency government program to halt the 2008 financial crisis.
The Treasury Department is disposing of 54.9 million shares of the company’s common stock, Detroit-based Ally said today in a statement. The U.S. had owned as much as 74 percent of the firm after a $17.2 billion rescue, part of emergency efforts to prop up the nation’s auto and banking industries.