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U.S. Treasury On The Road To Potentially Earning 15 Billion Dollars From Its Loans To American International Group.
By Lonce LaMon - May 8, 2012

American taxpayers should be ecstatic to finally hear some promising news.  After all the dismal news that never seems to stop about the American economy, the lack of growth in jobs, the real estate and housing crisis not abating, and the corporate bailouts by the U.S. government, it seems almost off-the-wall to hear that the United States Government Treasury Department could actually make a very decent profit off of its 2008 bailout loans to AIG.

The government ultimately could earn more than $15 billion in profit, the Government Accountability Office said in a report issued yesterday.

In “Government's Exposure to AIG Lessen as Equity Investments Are Sold,” the Government Accountability Office  said that as of March 22nd, the federal government's remaining assistance to AIG totaled $46.3 billion. That was down from $92.5 billion in March of 2011 and $154.7 billion as of December 2010.

The government originally took a nearly 80% ownership stake in AIG in 2008 when AIG was on the dawn of collapse. At that time, federal assistance to the New York based insurer reached $180 billion.

“Several indicators show that as of March 2012, the government's remaining outstanding assistance to AIG has continued to be reduced, mostly because of repayments on the (Federal Reserve Bank of New York) loan to Maiden Lane II; repayment of AIA Aurora L.L.C., a special purpose vehicle; and sales of Treasury's common stock in AIG,” the Government Accountability Office said.

“When all the assistance is considered, the amount the federal government ultimately takes in could exceed the total support extended to AIG by more than $15.1 billion,” the Government Accountability Office said further.  The report noted that the repayment of the remaining assistance will continue to depend on AIG's long-term health, the timing of the Treasury's sale and the share price of AIG stock, among other things.

The Treasury Department announced Sunday that it intended to sell about $5 billion in AIG stock; $2 billion back to AIG and the rest at a public offering price of $30.50 per share.

 
 

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