The former CEO of Ally Financial Inc. says the Obama administration abused its power by holding the bankâ??s business hostage in order to coerce a record settlement of â??trumped-upâ? racism charges and push profit-killing new regulations on the entire auto-lending industry.
The huge $100 million deal has spooked several other major lenders into resolving similar race-bias charges and offering below-market rates to minorities for car loans.
Read Full Article »