Michael Carpenter

Michael Carpenter News

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  Ally Clears Barrier to IPO With Plan to Resolve ResCap Debts

  Ally Financial Inc. moved closer to repaying a U.S. bailout as the auto lender reached agreement with creditors of its bankrupt mortgage unit.

• ResCap Examinner Probe of Ally May Alter Creditor Talks

  An investigative report on Ally Financial Inc.’s relationship with its bankrupt mortgage arm, Residential Capital LLC, may affect settlement talks between the companies and creditors who blame Ally for $25 billion in potential claims.

• ResCap Bankruptcy Probe to Detail $25 Billion Ally Threat

  Ally Financial Inc., the auto lender owned by U.S. taxpayers, may learn today how hard it will be to escape $25 billion in claims made against its bankrupt mortgage arm, Residential Capital LLC.

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  ResCap’s Marano Resigns as Chief of Bankrupt Mortgage Lender

  Thomas Marano is leaving the chief executive officer’s post at Ally Financial Inc.’s bankrupt Residential Capital mortgage unit as creditors wrangle over who will pay for the firm’s soured home loans.

• Ally’s Net Income More Than Triples on Sales of Canadian Assets

  Ally Financial Inc., the auto lender majority-owned by U.S. taxpayers, said first-quarter profit more than tripled, aided by gains from selling assets.

• Ally Says Bondholder Group Pulls Support for ResCap Bankruptcy

  Ally Financial Inc., the auto lender seeking to dislodge a money-losing mortgage unit in a bankruptcy proceeding, said a group of bondholders has withdrawn its support for the plan.

• Ally Joins GM as CEO Pay, Cash Bonuses Frozen by TARP Paymaster

  The U.S. Treasury Department froze some 2013 pay for top executives at Ally Financial Inc. and General Motors Co., two firms yet to repay money received under special bailout terms during the financial crisis.

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  Ally to Sell Non-U.S. Units as ResCap Goes Bankrupt

  Ally Financial Inc., the auto lender whose mortgage unit went bankrupt, may sell international car- finance and insurance operations to help repay a $17.2 billion U.S. bailout, Chief Executive Officer Michael Carpenter said.

• GMAC's Carpenter Said to Consider Ex-Citigroup Colleague Yastine for CFO

  GMAC Inc. , the U.S.-controlled auto and home lender, is close to naming a chief financial officer and has considered appointing Barbara Yastine , the former CFO for investment banking at Credit Suisse Group AG and Citigroup Inc., according to three people with knowledge of the search.

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  Ally Sees Full U.S. Repayment by 2014 on Auto Lending

  Ally Financial Inc., the second- largest remaining investment by the U.S. Treasury’s bailout fund, will repay the government by 2014 on the strength of its auto-finance business, its chief executive officer said.

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Quote

• "There's no question, for I think understandable reasons, that the automotive market bounced back first."

  - Michael Carpenter on Feb 27, 2013

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