Have You Seen the Ally Bank Commercials? Beware a Wolf in Sheep’s Clothing.

I’ve been seeing a couple of catchy TV ads on recently for what appeared to be a new bank offering better than average terms and rates for depositors. You have probably seen the commercial in which the two girls get ponies, one fake and one real which exclaims that even a 5 year old knows it is wrong to hold out on someone.

Well Ally Bank, why are you holding out on us? Ally Bank is actually GMAC Bank. GMAC Bank is better known as the troubled financing arm of GM, or Government Motors. Back in the end of 2008 GMAC was given special government hand holding to convert itself into a federal bank and thereby become eligible for the TARP bailout funds, which it ate from hungrily. In fact GMAC Bank, or ALLY as they now call themselves sucked up over 12 billion in taxpayer dollars. Now they are using that money to re-brand themselves and dump their GM badge and attempting to leverage honest, non-government funded banks out of the market using our 12 billion dollars to subsidize unsustainable returns which are about twice what banks who aren’t burning taxpayer dollars can pay.

Sure I can get a better rate at Ally Bank, but I can’t get honesty and I couldn’t sleep well at night knowing I am doing business with thieves and cheats. Give back our money GMAC Bank err… Ally and leave the market alone. You’ve already manipulated our financial house into ruin.