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Another failed Obama bailout--Does anyone in the 51% ever get ticked off at this?
Our own National Intelligence Council predicts that the
United States will lose its superpower status by 2030, but that no
country -- including China -- will be a hegemonic power. Instead, the report says, power will shift to "networks and coalitions in a multipolar world." It doesn't appear that way when you read about China's latest acquisition.
The United States Federal Reserve Bank
on September 16, 2008 created an $85 billion credit facility to enable
the company to meet increased collateral obligations consequent to the
credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. In March 2009, AIG announced that they were paying $165 million in
executive bonuses. Total bonuses for the financial unit could reach
$450 million and bonuses for the entire company could reach $1.2 billion.
American International Group Inc (AIG.N) will sell nearly all of its aircraft leasing business ILFC (ILFC.N) to a Chinese consortium for up to $4.8 billion, in a deal that gives the fastest growing aviation market easier and cheaper access to planes.
But the sale is at a far cheaper price than AIG sought and will lead to a substantial loss, the insurer's price for getting out of its last major non-core asset following the U.S. government bailout of the company in the financial crisis.
Read more... at Reuters.
2 comments:
You do know the big bank bailout was dreamed up and orchestrated by a republican white house and congress long before Obama took office right?
Why don't you post a blog about how G.M. just repaid the government all the bailout money they received while Obama WAS president?
I guess they don't report that on Fox News.
GM received $51 billion in bailout funds and has paid Treasury about $24 billion, mostly with the proceeds of its November 2010 initial public offering. Treasury still holds about 500 million shares of GM, worth about $11.5 billion at current prices. But those shares would have had to rise to almost $57 a share from its current price of $23.14 in order for taxpayers to break even.
http://money.cnn.com/2012/09/11/news/companies/taxpayer-bailouts/index.html
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