AIG’s IOU Coming Due With Strings Attached
AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government's preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.AIG plans to start paying back the taxpayers some of the $182 billion it borrowed, but the plan involves trading the government’s preferred shares in the company for common stock, a move that ought to raise at least one eyebrow.
Your support matters…BBC:
The Treasury would get about 1.66 billion of AIG common shares, worth $62bn at Wednesday’s close, in exchange for the $49.1bn of AIG preferred shares it now holds.
That would boost the Treasury ownership stake in AIG up to 92.1% from its present level, with that stake then being sold off gradually.
Independent journalism is under threat and overshadowed by heavily funded mainstream media.
You can help level the playing field. Become a member.
Your tax-deductible contribution keeps us digging beneath the headlines to give you thought-provoking, investigative reporting and analysis that unearths what's really happening- without compromise.
Give today to support our courageous, independent journalists.
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.