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Ally Financial's bailout ends as U.S. sells remaining stake

The U.S. government disposed of its remaining $1.28-billion stake in auto lender Ally Financial Inc., resolving the last big bailout from an emergency government program to halt the 2008 financial crisis. The Treasury Department sold 54.9 million shares of the Detroit company's common stock at $23.25 each, Ally said in a statement Friday. The U.S. had owned as much as 74% of Ally after a $17.2-billion rescue, part of emergency efforts to prop up the nation's auto and banking industries. In a six-year transition, Ally sold assets and put its subprime mortgage arm through bankruptcy before an initial public offering of stock in April. Chief Executive Michael Carpenter refocused the...

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