Wednesday, December 12, 2012

Tidy Little Sum

The Treasury Department is about to rake it in.

The U.S. Treasury’s sale of its remaining stake in American International Group Inc (AIG.N) will leave taxpayers with a profit of nearly $23 billion – more than the next three most successful bailouts combined.

The government’s profit on the deal is a turnabout from what was one of the most reviled bailouts of the financial crisis.

The 2008 rescue later spurred a senator to suggest top executives at the insurer consider suicide. The Government Accountability Office at one point suggested there was a real chance taxpayers would never be repaid in full.

Yet they were, with $22.7 billion in total returns, including the proceeds of the sale Treasury launched Monday night, AIG said. The government provided AIG with some $182 billion of support.

Not bad for a plan that was predicted by Republicans to be a huge loss for the taxpayer, and further proof that Barack Obama is really lousy at being a socialist.

One bark on “Tidy Little Sum

  1. a plan that was predicted by Republicans to be a huge loss for the taxpayer

    And had it been a GOTea plan, it would have been. That’s the difference between seeing government as one solution (of many), and seeing government as The Problem.

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