Ally Financial was better known as GMAC Inc. General Motors Acceptance Corporation. This was founded in 1919 by GMC, Ally headquarters is in the Motor City Detroit. December 29 of 2008 the United States Department of the Treasury invested 5 billion dollars from TARP (Troubled Asset Relief Program).
As of January 2012, TARP has about $12 billion invested in Ally. The U.S. Government has a 74% ownership. Wait a minute, is this the true people's bank now? Wow, we own this one, maybe there is room for improvement, got to really watch this bank.
Updates: The 73.8% government ownership stake was reduced to 63.4% through a share dilution in November 2013. Following this, the share eventually was reduced to 0% through both private and public equity sales by the government from January 2014, to December 2014. In total, the U.S. Treasury recouped $14.7 billion of the assistance principal and received $4.9 billion in dividends and other income from its involvement with GMAC/Ally between 2008 and 2014.
In December 2013, the Consumer Financial Protection Bureau (CFPB) announced a settlement with Ally Financial to resolve alleged discrimination in its indirect auto lending program.
In 2015, it moved its headquarters to One Detroit Center, Michigan. Now that's helping your hometown and shows you care. Because in life, luck is not a factor, you earn it! In 1919, GMAC (now Ally) offices opened in Detroit, New York, Chicago, San Francisco, and Toronto.
Unwinding the Government Stake
Ally Financial
Ally Stock
News they're not afraid to put thier face out there.
Some Vids
Ally Bank
CambridgeCredit
This post is in part of Projects from the G.C.C.U.
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