Ally Financial Repays $4.5 Billion to FDIC
In the second big "bailout repayment" story of the day, former General Motors financing arm Ally Financial announced this morning that it has repaid the federal government the remaining $4.5 billion it owed under the FDIC's Temporary Liquidity Guarantee Program. In so doing, Ally says it has "effectively exited the [TLGP] program."
Ally had previously paid back $2.9 billion of its TLGP funds on Oct. 30.
Ally was rumored to be planning an initial public offering last year, but it shelved these plans when market conditions didn't look propitious. CEO Michael Carpenter has in the recent past suggested that his company is still moving toward an initial public offering, or perhaps a sale into private equity ownership, but Ally has not yet set a date for any such plans.
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