With its GMAC Financial leather jacket burning in the closet while a supermodel lip-synchs in the tub, Ally Financial is at last free from government ownership.
The Detroit News reports the U.S. Treasury sold its remaining 11.4 percent stake in the lender Friday, six years to the day the Bush II administration made the decision to rescue the automotive industry from certain doom; the Treasury held 74 percent to start. The sale — 54.9 million shares at $23.25 per share — brought in $1.3 billion, adding to the $19.6 billion recovered from three separate investments totalling $17.2 billion.
Overall, the bailout recovered the $60 billion invested under the Obama administration, though said administration didn’t include the $10 billion lost in that time, nor the initial $25 billion pumped into the ailing industry in the final days of the Bush II era.
The stake sale also follows a similar action a year earlier, when the department sold its last shares in General Motors. The sale drew a loss of the aforementioned $10 billion from a total investment of $49.5 billion.
The post Ally Leaves Government Ownership, US Treasury Exits Auto Industry appeared first on The Truth About Cars.
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