Scathing Commentary On Ally Financial's ResCap Bankruptcy

Interesting and scathing Op-Ed piece from Al Lewis of MarketWatch:

Ally has come up with a plan to launder its bad mortgages and related liabilities by taking a subsidiary through the bankruptcy cycle. This is a novel way for a commercial bank to shed bad loans, but I suppose Ally has to do something after failing a financial “stress test” from the Fed in March.

If only I could restructure my finances the way Marano is restructuring his.

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If you're wondering how this may impact Ally Bank, please refer to my post Ally Financial Mortgage Unit's Bankruptcy and Its Impact to Ally Bank.