I guess the scorecard reads, "UAW - 1; Taxpayers - 0". http://www.caseyresearch.com/displayCdd.php?id=444 Scroll down to "Ally-Oops". "Ally Bank (formerly GMAC )...has been increasing the percentage of leases in its portfolio by 2 to 3x over the last few months. In fact, the company reports that in the first quarter, it had 12% of its loans in leases, up from 4% just a quarter earlier. Why is that worrying? Because it seems from comments by General Motors executives that many of these new leases have been the subsidized types with known inflated residuals that encourages lessees to drive cars off the lot in droves but nearly guarantee losses for the lender. As such, Ally is acting like a loss leader captive finance arm, basically moving the crappy inventory from GM's balance sheet onto Allys crappy receivables, making GM look a lot healthier in the interim. This scam will hit the wall when the leases start to expire in 36-48 months and Ally is left holding a bunch of cars it cant sell for nearly what it paid for them. But by then GM will have IPO'd again and, courtesy of the mutual funds and other institutional investors, individuals will own more of the failed/failing car company in their 401(k)s. Meanwhile, the government will have sold most of its stake (at a massive loss most likely, unless GM miraculously trades at 2 or 3 times the valuation of its competitors right through the dumping of more than half its market equity) and left the big banks as the first lenders in line to get paid before any equity holders." So when the IPO comes out, don't invest. If you have a 401(k), guard it carefully. Otherwise, you'll get the queen's elevator: The Royal Shaft. Note en passant that Ally has continued to get bailout money; somewhere around five billion or so, last I read.