We're in the money!

[09 XBones]

Seems the bailout of AIG has resulted in quite a profit for us taxpayers. And planet wingnut says bailouts don't work...


By The Associated Press
Posted 10:18AM 12/11/12
Posted under: American International Group, Market News, Banking, Government3261864534826110 By MARTIN CRUTSINGER

WASHINGTON -- The Treasury Department said Tuesday that it has sold all of its remaining shares of American International Group (AIG), moving to wrap up the government's biggest bailout of the 2008 financial crisis.

Treasury said it received $32.50 per share for its 234.2 million remaining shares, which represented a 16 percent ownership stake in the giant insurance company.

With this sale, Treasury said the government has received $22.7 billion more than the $182 billion bailout it provided to support AIG during the height of the financial crisis.

It was the largest government bailout package, including both loans and federal guarantees.

AIG, which is based in New York City, nearly collapsed at the height of the financial crisis. The company suffered massive losses from financial instruments whose value was based on mortgage securities.

AIG became a symbol for excessive risk on Wall Street and a touchstone of public anger. It was criticized by some members of Congress for spending $440,000 on spa treatments for executives only days after it was bailed out and for millions of dollars in bonuses it provided executives.

AIG stock closed at $33.36 on Monday, down 77 cents from Friday's close. Its shares rose 35 cents, or 1 percent, to $33.71 in premarket trading two hours before the market opening on Tuesday. Its stock has traded between a low of $22.19 and a high of $37.67 over the past 52 weeks.

The proceeds from the final stock sale are expected to total approximately $7.6 billion.

Treasury said with the stock sale it had realized a positive return of $5 billion while the Federal Reserve had received a positive return of $17.7 billion.



Treasury conducted six public offerings of AIG stock over the last 19 months selling a total of 1.66 billion shares of the company. At the start of the sales, Treasury had owned 92 percent of AIG's outstanding common stock.

Since the financial crisis, AIG has undergone a significant restructuring which has cut the size of the company nearly in half aimed at focusing on its core insurance operations.

The AIG stock sale was the latest step in an ongoing effort by the government to wind down the Troubled Asset Relief Program or TARP.

With the AIG stock sales, the government has gotten back $380 billion, or more than 90 percent of the $418 billion in funds it disbursed through TARP.

[RGRider]

How about the auto industry? Possibly being reopened by the judge who was lied to about the GM bankruptcy.
How about Solyndra?
How about A123?

Others may add to this list, it's not nearly complete.

[Tequila SG]

Originally Posted by RGRider

How about the auto industry? Possibly being reopened by the judge who was lied to about the GM bankruptcy.
How about Solyndra?
How about A123?

Others may add to this list, it's not nearly complete.

How about A123...... boy did Americans tax payers got flucked with this one...

[Waffen]

When do I get my check?


W

[thrasher]

Originally Posted by 09 XBones

Seems the bailout of AIG has resulted in quite a profit for us taxpayers. And planet wingnut says bailouts don't work...


By The Associated Press
Posted 10:18AM 12/11/12
Posted under: American International Group, Market News, Banking, Government3261864534826110 By MARTIN CRUTSINGER

WASHINGTON -- The Treasury Department said Tuesday that it has sold all of its remaining shares of American International Group (AIG), moving to wrap up the government's biggest bailout of the 2008 financial crisis.

Treasury said it received $32.50 per share for its 234.2 million remaining shares, which represented a 16 percent ownership stake in the giant insurance company.

With this sale, Treasury said the government has received $22.7 billion more than the $182 billion bailout it provided to support AIG during the height of the financial crisis.

It was the largest government bailout package, including both loans and federal guarantees.

AIG, which is based in New York City, nearly collapsed at the height of the financial crisis. The company suffered massive losses from financial instruments whose value was based on mortgage securities.

AIG became a symbol for excessive risk on Wall Street and a touchstone of public anger. It was criticized by some members of Congress for spending $440,000 on spa treatments for executives only days after it was bailed out and for millions of dollars in bonuses it provided executives.

AIG stock closed at $33.36 on Monday, down 77 cents from Friday's close. Its shares rose 35 cents, or 1 percent, to $33.71 in premarket trading two hours before the market opening on Tuesday. Its stock has traded between a low of $22.19 and a high of $37.67 over the past 52 weeks.

The proceeds from the final stock sale are expected to total approximately $7.6 billion.

Treasury said with the stock sale it had realized a positive return of $5 billion while the Federal Reserve had received a positive return of $17.7 billion.



Treasury conducted six public offerings of AIG stock over the last 19 months selling a total of 1.66 billion shares of the company. At the start of the sales, Treasury had owned 92 percent of AIG's outstanding common stock.

Since the financial crisis, AIG has undergone a significant restructuring which has cut the size of the company nearly in half aimed at focusing on its core insurance operations.

The AIG stock sale was the latest step in an ongoing effort by the government to wind down the Troubled Asset Relief Program or TARP.

With the AIG stock sales, the government has gotten back $380 billion, or more than 90 percent of the $418 billion in funds it disbursed through TARP.

Rightwingnuts hate to see America succeed under President Obama. That's why they are so angry all the time.

[RGRider]

Originally Posted by thrasher

Rightwingnuts hate to see America succeed under President Obama. That's why they are so angry all the time.

When do you think the succeeding under Obuma will start?

[thrasher]

Originally Posted by RGRider

When do you think the succeeding under Obuma will start?

Success started with the ousting of the shrub in 2008. That's when rightwingnuts started getting angry, and they've been festering like a staph infection ever since. Try and keep up from now on.

[RGRider]

Originally Posted by thrasher

Success started with the ousting of the shrub in 2008. That's when rightwingnuts started getting angry, and they've been festering like a staph infection ever since. Try and keep up from now on.

Bush was gone no matter what. Not much to hang your hat on there.

Sent from my PG86100 using Motorcycle.com Free App

[claytp1]

I wonder how much interest we paid on the money we borrowed for the AIG bailout?

[thrasher]

Originally Posted by RGRider

Bush was gone no matter what. Not much to hang your hat on there.

Sent from my PG86100 using Motorcycle.com Free App

I will restate just for your benefit: success started when the Shrub debacle vacated the whitehouse and then the McSame/Pain debacle occurred on November 4, 2008. Same result: the rightwingnuts are still festering like a staph infection.

[DJW]

Yeah Bush was a fking genius.

It was wrong when he did it, and it's still wrong. But then with leaders like this who needs fking reality? We'll just keep using the word "wingunt" in every sentence and people will never know the difference.

Appearing Monday morning on CBS, Obama’s jobs council head and the CEO of GE Jeffrey Immelt said that one thing that “actually works” is “state-run Communism” in China.

Let me pack your bags you POS.

[boston62]

Originally Posted by RGRider

When do you think the succeeding under Obuma will start?

It will never happen...

[Michael Psycle]

Originally Posted by RGRider

When do you think the succeeding under Obuma will start?

Did you mean seceding?

[RGRider]

Originally Posted by Michael Psycle

Did you mean seceding?

Uhhh, no. I meant what I said. Can you name a success other than the fact Bush is gone?

[Tequila SG]

Originally Posted by RGRider

Uhhh, no. I meant what I said. Can you name a success other than the fact Bush is gone?

You not really waiting for an answer RG?


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