you'll never guess who made a 'profit'

[emptystep]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

 

[Conservative]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

how's that GM stick deal working out so far?

 

[uscitizen]

I always thought the government was not allowed to profit in this manner?

 

[emptystep]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

how's that GM stick deal working out so far?

So you're saying you agree with Ryan's vote?

 

[Moonglow]

The govt. makes a profit every year from the guys.

Fed Turns Over $77 Billion in Profits to the Treasury

http://www.nytimes.com/2012/01/11/b...eturns-77-billion-in-profits-to-treasury.html

 

[Conservative]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

how's that GM stick deal working out so far?

So you're saying you agree with Ryan's vote?

did I say that? Did I express an opinion one way or the other?

 

[Moonglow]

how's that GM stick deal working out so far?

So you're saying you agree with Ryan's vote?

did I say that? Did I express an opinion one way or the other?

Yes your did, in a snide,underhanded sort of way.

 

[emptystep]

I always thought the government was not allowed to profit in this manner?

I have no idea who is running the show for the AIG bailout. In a pure sense I am sure it is nothing the government is suppose to get involved with in the first place but that is where leadership comes into play.

 

[Conservative]

So you're saying you agree with Ryan's vote?

did I say that? Did I express an opinion one way or the other?

Yes your did, in a snide,underhanded sort of way.

please... link to the post where I said it.

 

[Mad Scientist]

The govt. makes a profit every year from the guys.

Fed Turns Over $77 Billion in Profits to the Treasury

http://www.nytimes.com/2012/01/11/b...eturns-77-billion-in-profits-to-treasury.html

But they loaned out 7.77 TRILLION.

Suddenly 77 Billion don't look so big does it?

 

[Black_Label]

The govt. makes a profit every year from the guys.

Fed Turns Over $77 Billion in Profits to the Treasury

http://www.nytimes.com/2012/01/11/b...eturns-77-billion-in-profits-to-treasury.html

But they loaned out 7.77 TRILLION.

Suddenly 77 Billion don't look so big does it?

Exactly. They right wingers are pretending like we've made a profit, when we're still massively in debt from W bailing out his cronies on our dime.

 

[Papageorgio]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

So what are they going to do with that profit? Pay down the debt?

 

[Papageorgio]

The govt. makes a profit every year from the guys.
http://www.nytimes.com/2012/01/11/b...eturns-77-billion-in-profits-to-treasury.html

But they loaned out 7.77 TRILLION.

Suddenly 77 Billion don't look so big does it?

Exactly. They right wingers are pretending like we've made a profit, when we're still massively in debt from W bailing out his cronies on our dime.

You mean Congress didn't agree to this mass stupidity? I thought Obama was one of those 77 Senators that flew to DC to make his yes vote. In fact more Democratic Congressmen voted for this than Repulicans.

In fact I didn't vote for McCain or Obama because of their poor judgement.

So it is not a left right issue, because both parties were complicit in passing this bill and both parties were complicit in bringing down the economy.

So stuff the partisan bullshit and own up to the mistakes and get them out of Congress.

 

[Quantum Windbag]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

Let me get this straight, the Bush bailout of the banks was good?

 

[emptystep]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

Let me get this straight, the Bush bailout of the banks was good?

Bush? Really?

 

[emptystep]

This would appear to be the place for the nuts and bolts of the AIG bailout.
AIG Overview - Federal Reserve Bank of New York
september 16, 2008

The Board of Governors of the Federal Reserve, relying on its emergency lending authority granted by Congress under section 13(3) of the Federal Reserve Act and mindful of its responsibility to maintain financial stability and with the full support of the U.S. Treasury Department, authorized the New York Fed to extend a secured revolving credit facility of up to $85 billion to AIG. The New York Fed extended that credit to AIG and the company agreed to transfer a controlling stake of 79.9 percent of company equity to a trust for the sole benefit of the United States Treasury. AIG’s chief executive officer was also replaced. The credit facility initially carried a rate of LIBOR plus 8.5 percent—comparable to the terms contemplated by the consortium of private banks that explored a private-sector solution. The credit facility is secured by a pledge of a substantial portion of AIG’s assets.

Additional Information

Board of Governors Press Release »
New York Fed Press Release »
Original Credit Agreement pdf
Credit Agreement Amendment No. 1 pdf
Credit Agreement Amendment No. 2 pdf
Credit Agreement Amendment No. 3 pdf
Credit Agreement Amendment No. 4 pdf
Guarantee and Pledge Agreement pdf

The initial emergency $85 billion facility successfully stabilized AIG in the short term, but the company’s financial condition and capital structure remained vulnerable to further deterioration in market conditions. In October, borrowing costs continued to rise, credit markets remained essentially frozen and equity markets trended downward.
october 8, 2008

The Board of Governors approved an additional secured credit facility that permitted the New York Fed to borrow up to $37.8 billion of investment-grade, fixed-income securities from certain regulated U.S. insurance subsidiaries of AIG in return for cash collateral. By November 20, 2008, AIG received approximately $20 billion in cash collateral under the program, which was returned in full when the program was terminated on December 12, 2008, in connection with the formation of the Maiden Lane II facility (see below).

 

[naturegirl]

Why didn't they sell it all? Why is the government still holding any part of AIG?? No this is definitely not profit, this is something that should have never, ever happened.

 

[Old Rocks]

Treasury sells big chunk of AIG stock at a profit

The U.S. government cut its stake in American International Group Inc to 19 percent on Monday, making a profit of $12.4 billion on the insurer's crisis-era bailout and bringing the unpopular rescue closer to its end.

Treasury sells big chunk of AIG stock at a profit | Reuters

how's that GM stick deal working out so far?

Pretty damned good. The businesses that make the auto components that all the car manufactures depend on are still in business. Were they not, many car companies with factories here would have closed them. Companies such as Toyota, Honda, ect.

 

[Old Rocks]

Why didn't they sell it all? Why is the government still holding any part of AIG?? No this is definitely not profit, this is something that should have never, ever happened.

What bullshit you 'Conservatives' talk. We should have just let the nation sink into the Second Great Republican Depression?

And the government has every right to hold onto that part until it can get an even better price on it. Nothing wrong with making a profit.

But keep talking this way. We see how it has played for Romney, we now need to keep the 'Conservatives' in Congress front and center flapping yap so that the citizens of this nation can get a look at how truly stupid their economic theories are.

 

[naturegirl]

Why didn't they sell it all? Why is the government still holding any part of AIG?? No this is definitely not profit, this is something that should have never, ever happened.

What bullshit you 'Conservatives' talk. We should have just let the nation sink into the Second Great Republican Depression?

And the government has every right to hold onto that part until it can get an even better price on it. Nothing wrong with making a profit.

But keep talking this way. We see how it has played for Romney, we now need to keep the 'Conservatives' in Congress front and center flapping yap so that the citizens of this nation can get a look at how truly stupid their economic theories are.

Really?? Really?? You're Ok with the federal government holding on to private company stock??