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Treasury to sell its remaining stake in AIG
L.A. Times ^
| Jim Puzzanghera
Posted on 12/10/2012 9:36:34 PM PST by Nachum
Edited on 12/11/2012 3:12:33 AM PST by Admin Moderator.
WASHINGTON -- The Treasury Department said Monday that it would sell its remaining ownership stake in insurance giant American International Group, effectively ending one of the largest bailouts of the financial crisis and turning a profit for taxpayers.
The sale of the Treasury's remaining 234 million shares -- 15.9% of the company -- would add to the $15.1 billion in profit the government already has made on the bailout. The Treasury would still hold warrants in AIG after the stock sale.
(Excerpt) Read more at latimes.com ...
TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: aig; aigbailout; bailout; china; gm; ilfc; notrealprofit; phonyprofit; profit; sell; setup; stake; treasury
China buys an 80% stake in AIG's aircraft leasing company. How convenient.
posted on 12/10/2012 9:36:38 PM PST
Comment #2 Removed by Moderator
To: Jet Jaguar; NorwegianViking; ExTexasRedhead; HollyB; FromLori; EricTheRed_VocalMinority; ...
posted on 12/10/2012 9:42:51 PM PST
(The List is off the Google blacklist- www.nachumlist.com)
Sure they sold it.
Until the next time AIG needs bailing out.
To: Age of Reason
And I’m sure they made a profit, too. Couldn’t be that the true cost of these bailouts (including GM...hey, we made money on that too!)...has been hidden from the taxpayers.
posted on 12/11/2012 4:18:30 AM PST
posted on 12/11/2012 5:14:19 AM PST
(AfganistaMr Obama said the goal was to "disrupt, dismantle and defeat al-hereQaeda" and its allies.)
I’m sure they will use that “profit” to pay down the debt.
posted on 12/11/2012 5:33:52 AM PST
(Abolish Slavery, Repeal The 16th Amendment!)
That would be fantastic! I hope the Chinese leave the same executive/risk management team in place.
posted on 12/11/2012 5:45:38 AM PST
Sorry bud, 140% of the profit has been spent.
posted on 12/11/2012 5:49:15 AM PST
From a companion article:
The Government Accountability Office said in May that taxpayers could end up making a $15.1-billion profit from the bailout. The estimate depended on how well AIG's stock performed and when the Treasury sold its remaining shares. The GAO's projection did not take into account the government's cost to subsidize AIG since 2008, which the agency did not calculate
Once again, William Dudley is lying through his teeth. The only entity that made a profit off of this was Goldman Sachs - Dudley's former employer.
posted on 12/11/2012 6:16:43 AM PST
("As for God, His way is perfect" - Psalm 18:30)
The GAO's projection did not take into account the government's cost to subsidize AIG since 2008, which the agency did not calculate.
Subsidize? They bought stock, they sold stock, they made a profit. What subsidy?
The only entity that made a profit off of this was Goldman Sachs - Dudley's former employer.
posted on 12/11/2012 5:34:26 PM PST
(Math is hard. Harder if you're stupid.)
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