The U.S. Treasury sold off its remaining $1.28 billion stake in auto lender Ally Financial Inc. (ALLY), putting an end to the last auto bailout resulting from the 2008 financial crisis, Bloomberg News reports.
Bloomberg reports:
The Treasury Department sold 54.9 million shares of the Detroit-based company’s common stock at $23.25 each, Ally said in a statement today. The U.S. had owned as much as 74 percent of Ally after a $17.2 billion rescue, part of emergency efforts to prop up the nation’s auto and banking industries.
“This marks another major milestone in Ally’s journey,” Chief Executive Officer Michael Carpenter said in the statement. “We are appreciative of the investment the U.S. Treasury made in Ally and their understanding of how important available financing was to the U.S. auto recovery.”
