Not that I think that bailing out failing companies should be SOP … but it can be done appropriately, and (mirabile dictu) at a profit to the taxpayer. (h/t +Paula Jones)
Reshared post from +Neil Carvin
Taxpayers Earn Profit on AIG Bailout. US Sells Last AIG Shares
American International Group, an insurer and former component of the Dow Jones Industrial Average, required a massive federal bailout to avoid bankruptcy during the financial crisis of 2008. AIG got in trouble by losing billions on collateralized debt obligations.
The bailout gave the U.S. Treasury near total ownership of AIG. However, as AIG's financial health has improved, Treasury has been selling its shares in various chunks. The final public offering of U.S.-owned shares is about to be concluded.
Amazingly, the government will recover the entire $182 billion bailout and more. Not even the most vocal proponents of the controversial AIG bailout, which was the largest of its kind, would have predicted in 2008 a profit for taxpayers.
#financialcrisis #bailout #collateralizeddebt #CDO
http://www.reuters.com/article/2012/12/11/us-usa-treasury-aig-idUSBRE8B919020121211
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U.S. to sell rest of AIG stock, ending $182 billion rescue
(Reuters) – The U.S. Treasury is selling its remaining stake in insurer American International Group Inc , bringing an end to government ownership of the company about four years after a $182
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I wouldn't look for this to be covered on FOX. Mentioned, maybe. Not discussed at length by panels of talking heads.
I suspect it will be mentioned. And, probably, lied about. Cue Steve Doocy offhandedly commenting that the AIG bailout cost the American taxpayers billions of dollars in five, four, three …