GMAC Renames Itself Ally Financial
Published: May 8th, 2010
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Perhaps the most fundamental challenge facing bailed-out financial and auto firms is convincing consumers to leave aside their anti-bailout prejudices and start buying their products. For GM, the first step in this process was as simple as repaying a loan and airing a “Mission Accomplished” advertisement that did everything but show Ed Whitacre landing on an aircraft carrier. For GM’s former captive finance arm, GMAC, escaping the stain of the bailout is a more prosaic matter. Having already launched an online consumer-oriented banking arm by the name of “Ally Bank,” the finance company is adopting the innocuous Ally moniker for its entire business, reports the Detroit News.
More by Edward Niedermeyer
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In 2009 GMAC paid chief risk officer Sam Ramsey $7.7 million. What could he possibly have done to earn that? I've been a frequent commenter here defending the Bush and Obama administrations' bailouts of GM and Chrysler. But the logic of the GMAC bailout eludes me. Compared to Chrysler Financial, which took some TARP money and quickly repaid it, GMAC is a black hole of TARP funds. Why was Chrysler Financial forced to die while basket case GMAC was awarded with three TARP bailouts AND Chrysler's financing business? Returning to Detroit by plane from a conference recently, I noticed the GMAC conference attendee seated up in first class while this blue oval boy was back in coach. Isn't anyone watching their costs? My views are my own and not those of my OEM Dearborn employer.
What's funny is that the Google Ads on the right side occasionally display a "A New Bank, Ally Bank" ads to the right of the article berating GMAC for renaming itself. I'm reloading till it reappears, screen capping, and sending in to BBSpot. Taking some of the govt' cheddar after all, huh guys.
I briefly tried ally bank after etrade got out of the banking business. What a disaster. Their systems would not allow my wife to change her PIN on her ATM card. Everyone there was very nice, but no one had any authority to actually fix the problem. After a month of trying to get the problem solved, we bailed and went to TD bank. I should have known better. Anything GM touches turns to shit.
How many millions of taxpayer money is this name change deception costing?