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.
Capitalist Rebellion
While John Galt hides away yet longer there is something we, the plebes, can do in protest of the abusive government bailout and stimulus programs.
We can punish and destroy utterly the contemptible companies who participate in tarp and the stimulus programs. How? Stop doing business with these banks and companies.
Withdraw your money yesterday from the guilty banks, refinance your mortgages and loans (unless you are delinquent or will be, in that case leave them alone) over to responsible institutions who are not abusing the tax payers. Stop buying cars or anything else from guilty auto makers. Do no business with any guilty company unless it is harmful business.
We have an obligation as free citizens to show the government and companies that we the people will not stand for abuse and will not stand by while our futures and the futures of our children are appropriated.
Let us cast a shadow of shame on these unpatriotic businesses. If they will not renounce their actions we will tear them down dollar by dollar.
Find a list of TARP participants here:
http://www.propublica.org/special/show-me-the-tarp-money
Some CT institutions who need a lesson are:
First Litchfield Financial Corp
Connecticut Bank and Trust Company
Webster Financial
Some TARP participant companies who do business in CT:
Citigroup
Bank of America
BoA – Merrill Lynch
AIG
JPMorgan Chase
Wells Fargo
General Motors
Morgan Stanley
Chrysler
GMAC
Capital One Financial Corp.
American Express
Discover Financial Services
