Ally Bank's Alchemy
In an era where profit-seeking businessmen are considered guilty until proven innocent, it might surprise you that the government is helping fund some of the most blatantly fraudulent financial propaganda one can imagine. By way of our bailout bucks, Uncle Sam is producing ads that would make Kevin Treadau or Ms. Cleo blush.
Contrary to what the ads say, Ally Bank isn’t a new bank at all. It’s a rebranding of GMAC Bank, itself a unit of GMAC, the auto-financial black hole now on tap for its third taxpayer bailout. Just yesterday the Wall Street Journal reported he U.S. government is likely in inject up to $5.6 billion to the company, on top of the $12.5 billion it has received since December.