Treasury To Sell $3B Stake In Rescued Auto Lender

Law360, New York (January 16, 2014, 4:22 PM EST) -- The U.S. Treasury said Thursday it would receive $3 billion for the sale of 410,000 shares of auto lender Ally Financial Inc., the troubled firm that had received a $17.2 billion bailout during the 2008 financial crisis, as part of the wind-down of its Troubled Asset Relief Program.

After the private sale, the Treasury will continue to hold 37 percent of Ally's common stock. To date, taxpayers have recovered $15.3 billion or 89 percent of the company's bailout, according to the Treasury.

"This is a very...
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