AIG’s New Deal

During the Bush administration AIG, the American International Group,”insured’ trillions of dollars in bad deals with worthless credit default swaps, and when the whole deregulated house of cards teetered, U.S. taxpayers paid $182 billion to save the firm from bankruptcy and the economy from total collapse. The economy is still in a hole but finance is doing just fine, so AIG bought back its stock and is now suing the government that saved its sorry butt, saying the price of the bailout was too high.

But AIG thanks you for the loan, suckers America:

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Short link:  http://wp.me/p6sb6-fxW

 

Image (“Dogs Dealing Securities at AIG, after C.M. Coolidge”) by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

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AIG: Out of Jail

Former AIG executive Joe Cassano and other former and current AIG employees will not be prosecuted for destroying the world economy, say Justice Department and Securities and Exchange Commission officials.

More:

“Prosecutors Said to Drop Probe of Ex-AIG Executive,” Karen Gullo, Business Week.

“AIG Executives Won’t Face Criminal Charges,” Amir Efrati, Wall Street Journal.

“Joe Cassano To Walk Off Scot-Free,” Wall Street Pit.

 “Feds say evidence insufficient to charge AIG executives,” Greg Gordon, Kansas City Star.

 

Image by Mike Licht. Download a copy here. Creative Commons license; credit Mike Licht, NotionsCapital.com

Comments are welcome if they are on-topic, substantive, concise, and not boring or obscene. Comments may be edited for clarity and length.

Big Deal at AIG

American taxpayers own 80 percent of American International Group Inc. (AIG) after the government bailed out the firm, one of the chief forces behind the world-wide financial collapse. AIG, your company, just granted huge pay increases to AIG’s top executives.