Treasury To Sell Nearly Half Its Shares In Ally Financial
DAVID GREENE, HOST:
NPR's business news starts with a selloff.
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GREENE: Yesterday, the Treasury Department announced it would sell nearly half of its shares in Allied Financial, which used to be known as GMAC. Those shares were purchased when the government bailed Allied out under the troubled Asset Relief Program during the financial crisis. The Treasury Department said that with the sale of these shares, taxpayers have now recovered more money than they invested in the bank. This comes as Allied's shares start trading publicly today on the New York Stock Exchange.
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