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Noah

US govt sells AIG stock for $22.7 billion profit

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(Reuters) - The U.S. Treasury's sale of its remaining stake in American International Group Inc (AIG.N) will fetch $7.6 billion, bringing the government a total profit of $22.7 billion from its crisis-era bailout of the insurer.

The share offering will close the chapter on one of the most politically contentious rescues of 2008, which ultimately gave AIG up to $182 billion of government support.

At one point, the government estimated that it would never recover all of the bailout money, but as AIG restructured and returned to viability, it was able to repay the entire rescue fund plus generate a profit for U.S. taxpayers.

www.reuters.com/article/2012/12/11/us-aig-ustreasury-sale-idUSBRE8BA0GY20121211

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Awesome! Now, if we can just do that 800 more times, the deficit will be gone!

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Uh yeah, I'd really like to see the accounting on that one. Basically every time Treasury talks about turning a "profit" on these bailouts it's because they managed to shuffle off all the losers to the Fed where the losses are completely non-transparent....

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cool, so my taxes are not going up now? awesome, That my homie Barry saying :lanekiffin: the cliff bitches.

is what an idiot would say.

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