Treasury Recoups $2.7 Billion From Ally Bailout
Treasury Recoups $2.7 Billion From Ally
Bailout
The United States Treasury Department announced on Thursday it has managed to recoup $2.7 billion of its bailout of Ally Financial through the sale of preferred securities it was holding. The department also said it hopes to recoup more of the taxpayers' money through a planned initial public offering of the former financial unit of General Motors.
The government owns the majority of Ally in the form of $5.9 billion in preferred stock in addition to 74 percent of the firm's common stock. The IPO has been tentatively scheduled for the second half of 2011.
Ally Financial required $17.2 billion in federal aid to survive the financial crisis. It has so far not repaid any of that money, though it has paid about $2.2 billion in interest and dividend payments to Treasury.
The United States Treasury Department announced on Thursday it has managed to recoup $2.7 billion of its bailout of Ally Financial through the sale of preferred securities it was holding. The department also said it hopes to recoup more of the taxpayers' money through a planned initial public offering of the former financial unit of General Motors.
The government owns the majority of Ally in the form of $5.9 billion in preferred stock in addition to 74 percent of the firm's common stock. The IPO has been tentatively scheduled for the second half of 2011.
Ally Financial required $17.2 billion in federal aid to survive the financial crisis. It has so far not repaid any of that money, though it has paid about $2.2 billion in interest and dividend payments to Treasury.
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