Biz: Bailout bonanza: AIG brokers a payback deal with the U.S.
- 92.1%taxpayers’ upcoming stake in AIG
- what The U.S. government will receive $62 billion in common shares of AIG stock to replace the $49 billion in preferred shares it currently has floating around.
- why Because, over time, the government will be able to sell these shares and hopefully make back some of the billions it paid AIG during bailout-o-rama. source
- » But wait, there’s more: AIG also plans to pay back $20 billion that it received from the Federal Reserve Bank of New York credit facility. An end result of all of this is that taxpayers will see an instant paper profit of $10 billion along with the long-term profits from the sale. Who wants to say “screw all those future generations” and grab a piece?