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U.S. Treasury to Sell $2.7 Billion of Ally Preferred Securities
As part of this corporate welfare program, Treasury invested a total of $17.2 billion in a failing Ally. This was the result of what critics called reckless lending practices in the home mortgage markets, which caused huge Ally losses when the housing bubble burst in 2009. Continue reading
Ally Financial Posts Net Income of $1.1 Billion in 2010
Ally Financial Inc. today reported net income of $79 million for the fourth quarter of 2010, compared to a net loss of $5.0 billion for the fourth quarter of 2009. For full-year 2010, Ally (formerly GMAC and now taxpayers own … Continue reading
