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,
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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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