Treasury Dept. Wraps Up TARP Bailout of AIG by Selling Assets to China

The Treasury Department announced on Monday that it would unload its remaining shares of American International Group (AIG), the infamous insurance giant that received $182 billion in bailout money from the Troubled Asset Relief Program (TARP).

As part of the divestment plan, AIG will also sell its aircraft leasing business (ILFC) to a Chinese consortium. 

The deal will give China “access to a global network of about 200 airlines in 80 countries.”

According to Reuters, taxpayers that bailed out and now own AIG will lose out in the deal because the $4.8 billion sale is “at a far cheaper price than AIG sought and will lead to a substantial loss.”


Comments

advertisement

The past several months have seen the price of gold slump even as the Fed and other central banks have accelerated their massive expansion of paper money. Gold is off about 20% so far this year with silver down almost 30%. The old adage--“don’t fight the Fed”--particularly comes to mind now because the US equity markets have been setting new highs during this same period. All of these gains are nominal, you understand, but for terrified American policy makers and investors, nominal is just fine.

Full Article

Send A Tip

Most Popular

advertisement

Breitbart Video Picks

Fox News National

advertisement

Sign up for our newsletter

advertisement

From Our Partners