U.S. to Sell More Shares in Ally Financial

The U.S. Dept. of the Treasury says it will continue to reduce its 16% stake in Ally Financial Inc., but it provided no details about the amount or timing of a new sale.

In 2009 the Treasury Dept. spent $17.2 billion through the Troubled Asset Relief Program to bail out Ally and gain a 74% stake in the automotive lender. The U.S. says it has recovered $17.8 billion so far by selling its shares in stages.

The department aims to "prudently exit" its remaining investment. Ally noted earlier this year that it might be free of the TARP program by the end of this year.