Photo: Hessam Bakhtiarzadeh
The Obama administration is ending its controversial auto-industry bailout, which saved more than a million jobs but cost taxpayers billions of dollars in losses.
The Treasury Department announced Friday morning it is selling the federal government’s remaining shares in Ally Financial Inc., an auto lender, exiting its intervention in the industry.
The Treasury sold its 11 percent stake in Ally Financial for $1.3 billion, recovering more money than it invested in the Detroit-based auto lender formerly known as GMAC. In total, the government recovered $19.6 billion from Ally.
But such earnings were not the case for much of the $85 billion auto bailout, which began under the Bush administration and was greatly expanded during the Obama administration.
Ford Motor Co. also began delivering its aluminum-bodied F-150 this week, as well.
The Chinese lead price finished as the week’s biggest mover on the weekly Automotive MMI® after dropping 5.2% and landing at CNY 12,750 ($2,052) per metric ton. The cash price of primary copper fell 2.6% on the LME to $6,305 per metric ton after rising 0.4% the week before. Following a 0.5% increase in the week prior, the 3-month price of copper fell 2.4% on the LME last week to $6,269 per metric ton. Closing at KRW 3,890 ($3.53) per kilogram, Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
The price of US HDG rose 3.6% to $776.00 per short ton after falling 0.5% during the previous week.
The price of US palladium bar fell 3.9% to $780.00 per ounce after rising 2.3% the week before. Following a 1.2% increase in the week prior, the price of US platinum bar fell 3.6% last week to $1,192 per ounce.
The Automotive MMI® collects and weights 7 metal price points used in automotive production to provide a unique view into automotive metal trends. For more information on the Automotive MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.