Ally Bank announced their intent to repay the Treasury Department $6 billion on Tuesday, which will leave about $5 billion left on the $17 billion bailout it received from taxpayers in 2008.
The bank sold nearly $1 billion in stock in order to make the payment, according to Reuters. The payment will be made if the bank passes its latest stress test.
The U.S. Treasury Department announced Tuesday it had sold its remaining shares of American International Group Inc. (AIG), ending the largest government bailout of the 2008 financial crisis.
General Motors (GM) last week started buying out Ally Bank’s auto lending operations in an effort to reverse months of lagging growth.
At event today in Youngstown, Ohio, former President Bill Clinton said, “You have been fully paid back for every nickel that was put into the financial industry plus interest. You got your money back.” The Washington Free Beacon rates these claims five Pinocchios with their pants on fire.
The Obama administration has rebuked pleas from General Motors to sell off government shares to the automaker.
General Motors is attempting to buyout part of America’s worst performing bailout recipient, Ally Bank.
General Motors will shell out as much as $600 million to sponsor a European soccer team despite owing $27 billion to American taxpayers.