WASHINGTON – The government is selling the last of its shares in Ally Financial Inc., the former financing arm of General Motors that was bailed out during the financial crisis.
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Detroit-based Ally says the Treasury Department is selling its remaining 54.9 million shares. That amounts to about an 11 percent stake in the company. At the close of trading Thursday, that would be worth about $1.25 billion.
Ally, formerly called GMAC Inc., received a $17.2 billion bailout that began in 2008. It's now a standalone auto financing company and bank.
Ally says that the government has received $18.3 billion from its investment in the company. Ally went public in April and Treasury sold a chunk of its stake then.