Tuesday, December 10, 2013 - 11:41 PMAlly Bank
We all know that Ally Bank was formerly GMAC bank, a subsidiary of general Motors. When the feds took over GM, they also took over GMAC which then changed its name to Ally Bank. On Tuesday December 10 the news media reported that the U.S. Treasury Dept. has now sold all its remaining shares of GM stock. But so far as I know, the feds still own a majority of stock in Ally Bank.
My question is: Does the U.S. government still own a majority ownership in Ally Bank; and if so, can we expect that Ally will continue to be forced to keep its interest rates lower than its competitors in order to avoid the appearance that taxpayers are subsidizing a government-owned bank to outbid privately owned banks in competing for deposits?
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Jul 10, 2011
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