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January 30, 2013

Watchdog questions Treasury’s exit plan for Ally Financial

“In the four years since the federal government pumped billions into the nation’s financial firms to stave off economic collapse, virtually all of the biggest companies have repaid their debts. But Ally Financial, once one of the largest auto lenders in the country, still owes the government $11.4 billion.

“Now a government watchdog is pressing the Treasury Department to develop a plan for Ally to repay taxpayers, who own 74 percent of the company. In a report to Congress being issued Wednesday, the special inspector general for the Troubled Assets Relief Program criticizes Treasury for being slow to get Ally into line.

“Ally, formerly known as GMAC, received three rounds of federal aid totaling $17.2 billion and has repaid $5.8 billion.

““Ally is highly confident in its ability to repay the remaining U.S. Treasury investment in full,” company spokeswoman Gina Proia said. “We have taken a number of steps in 2012 designed to best position the company to exit TARP, and there has been significant progress thus far.””

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Read full Washington Post article here

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