Good for them. Naturally the profit will go toward paying down our outrageous Obama federal debt.
Fed turns AIG bailout into $18 billion profit
The Federal Reserve finally has wiped its hands clean of AIG and turned a nearly $18 billion profit for taxpayers in the process. Now it's up to the Treasury Department to sell the rest of its U.S. government's stake in the insurance giant. The Federal Reserve Bank of New York announced Thursday that it had sold the last of its securities related to the AIG (AIG, Fortune 500) bailout. The portfolio, known as Maiden Lane III, consisted of collateralized debt obligations, or CDOs -- highly complex financial instruments that bundle various kinds of debt. The Maiden Lane III sales earned $6.6 billion. Months earlier, the New York Fed sold ... (full story)
- Posted: Aug 23, 2012 3:36pm
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