AIG Breakup: $1 Billion Payday for Wall Street

"""""AIG Breakup: $1 Billion Payday for Wall Street

August 6, 2009

(ChattahBox)—According to an analysis conducted by the Wall Street Journal (WSJ) on Wednesday, Wall Street is poised to reap a $1 billion payday from the controlled breakup of insurance giant AIG. The government is seeking to recoup some of the more than $100 billion in federal bailout money awarded to the company to keep it from failing.

With the federal government owning a 80 percent ownership stake in AIG, a multi-year plan controlled breakup plan would net Wall Street banks and lawyers nearly $1 billion in fees to help break up the giant company.

According to WSJ, the fees for the AIG breakup represent one of the biggest bonanzas in Wall Street History. """""


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Comment by Ella M. Croshier on August 8, 2009 at 6:21am
Jim, Like I said before. Look deep enough and you find where government was the cause of the problem. In this case we get to sit back and watch who gets the benefits. Perhaps a thorough housecleaning in Washington is in order. And, perhaps the voters will pay more attention on who they elect for leaders. How smart do you have to be to vote for someone who promises Hope and Change but doesn't tell you what kind? I do believe he ranted on what people didn't want. His performance is in the tank.
Comment by Jim Desai on August 8, 2009 at 5:34pm
The AIG bailout was done during the Bush administration by Paulson & Bernanke, who are both Bush appointees. The premise is that AIG was "too big to fail". At that time, the free market principles were conveniently shoved under the table. Our bankruptcy laws; which have been written expressly for these sort of situations; were deliberately set aside by the free marketeers, and now we the taxpayers have to foot the bill, and have to pay the lawyers and bankers billions for the break up which would have proceeded just the same without this additional taxpayer manna.

I really hate to sound like Mr. Kelly, but what has Obama got to do with this? He did promise hope and change, I doubt if that included miracles to cleanse 8 years of military thuggery on the international front and financial thuggery on the home front.

Let's look ahead. Don't oppose Obama, simply because he has some superficial differences with you Ella. He is on the right track; or at least on a less self destructive path than his august predecessor and his Daddee.

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