“Politician: Golly we didn’t want a bailout. But the Fed did it. Don’t blame us. “
What do you bet the Feds won’t make AIG stop giving out millions in campaign contributions even though they are broke!
See the recipients here, just posted. Not good!
http://www.freerepublic.com/focus/f-news/2083883/posts
Wall Street Shake-up Connects to Washington Through Contributions, Personal Investments
Of all of the companies facing major transitions, lawmakers owned the most stock in American International Group (AIG), the nation’s largest insurer, which has asked the Federal Reserve for emergency funding as it faces financial hardships. Twenty-seven lawmakers owned stock in AIG last year, worth between $6.4 million and $20 million. Hayes was at the top of the list of congressional investors, owning stock worth between $2.8 million and $11.5 million, while Kerry followed with stock valued around $2 million.
Of all the companies making headlines this week, AIG has been the most nonpartisan in its contributions, splitting evenly the $9.7 million it has contributed over time. Dodd has racked up the most from AIG, with a total of $281,400, while Schumer takes second with $116,400. McCain and Obama collected $103,000 and $82,600 from AIG, respectively.
The current shareholders just lost 80% of their stake. Not exactly a happy scenario for them.
Valued at what date? Probably as of their last Congressional disclosure, months ago.
What's it worth at $2.00 a share? Common stock holders are wiped out. Preferred share holders are diluted to practically nothing.
yitbos