An Ally Financial IPO could happen in March, according to a Reuters report. Ally Financial is what remains from the rescued GMAC. The U.S. Treasury owns nearly half of the company but hopes to sell all or most of its share at a slight profit in the IPO. The Treasury is recording a modest profit on its TARP bailout program, but the profit is essentially an accounting fiction that doesn’t reflect many of the government costs for the bailout, nor the immense cost to the larger economy.
Update: A credit union was liquidated last weekend. St. Francis Campus Credit Union in Minnesota had 3,400 members. Member accounts were transferred to Central Minnesota Credit Union.