Berkshire Rejected On Ally Financial Bid

Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) has failed in its bid to buy the assets of Residential Capital out of bankruptcy. ResCap is the mortgage arm of Ally Financial, a bank holding company the majority of which is owned by the United States government. Residential Capital will now proceed to follow its original plans to sell those assets. A document filed with a court on Thursday suggested the company would proceed with two separate auctions of its bankrupt assets. Floor prices in the auctions will be set by former bids for the assets. ResCap’s parent, Ally Financial, offered $1.6 billion for…