DealBook: U.S. Unveils Plan to Sell Stake in Ally, Once GMAC

The Treasury Department said it would exchange $5.5 billion of preferred stock into common shares, raising its equity stake to 74 percent, from 56 percent, of the outstanding common stock. The government, as part of its bailout of the financial system, had poured a total of $17.2 billion into GMAC, now known as Ally Financial, to stabilize the troubled auto and mortgage lender at the height of the crisis.

DealBook: U.S. Unveils Plan to Sell Stake in Ally, Once GMAC

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