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News Breaks
August 14, 2014
09:30 EDTALLYTreasury to sell additional Ally Financial stock
he U.S. Department of the Treasury announced that it would continue to wind down its investment in Ally Financial by selling additional shares of common stock through its first pre-defined written trading plan. Treasury currently holds 75,065,340 shares, or approximately 16% of Ally common stock. "Treasury's sale of additional Ally common stock is part of our continuing effort to wind down the Troubled Asset Relief Program," said Chief Investment Officer Charmian Uy. "We will prudently exit the remaining Ally investment, balancing speed with maximizing returns for taxpayers." As part of Ally's initial public offering in April, Treasury sold 95M shares of Ally common stock at $25.00 per share for $2.375B dollars in proceeds to taxpayers. The underwriters of the IPO later exercised their option to purchase 7,245,670 additional shares at the IPO price, recovering an additional $181M for taxpayers. Taxpayers have now recovered approximately $17.8B on the Ally investment, roughly $650M more than the original $17.2B investment.
News For ALLY From The Last 14 Days
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October 7, 2015
08:12 EDTALLYJefferies likes valuations for auto finance companies into Q3 results
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October 5, 2015
09:19 EDTALLYMorgan Stanley recommends buying Ally Financial into earnings results
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October 2, 2015
07:56 EDTALLYGM taking another step back from Ally, WSJ reports
Ally Financial (ALLY) relied on subvented General Motors' (GM) loans for $700M in Q2, so GM's plan, announced yesterday, to move the marketing support for subvented U.S. auto loans to its GM Financial lending unit and away from Ally Financial represents a relatively modest portion of the $10.8B in originations Ally did in its Q2, but it also represents another GM step back from the former GMAC lender, The Wall Street Journal reported. Reference Link

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