Ally Financial is still in trouble. One of the last, big companies that is still a ward of the government, was one of two banks to fail the Federal Reserve's lastest annual stress test.
Its failure reflected in the fact the company did not meet the minimum of one of the four metrics the central bank used to measure the health of the country's 18 largest banks in a severely stressed economic scenario. Ally's inability to pass the test could pose another roadblock to the U.S. Treasury's plan to eventually sell its 73.8 percent stake in the bank. Ally was saved by the government in 2009 with a $17.2 billion dollar bailout.
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Not that Ally wants to stay under the government's thumb. In fact, the stress test results suggest it wants to get out from under it. Under the initial capital plan the bank submitted to the Fed, it's Tier 1 common ratio, one way of measuring a firm's ability to absorb losses using its core equity, was 1.78 percent. The level was well below the 5 percent minimum set by the Fed, so Ally was allowed to resubmit its plan. Ally's mulligan proved to be even less impressive, as its Tier 1 common ratio fell to 1.52 percent.