AIG, which became a lightning rod for criticism over government bailouts, said it reached a deal to repay billions of dollars it received during the credit crisis.[...]
[T]he U.S. Treasury Department will swap preferred shares it currently holds in AIG for common stock and then sell those shares over time.
[...]
The new shares will give the Treasury a 92.1 percent stake in AIG before it begins selling shares.
Somebody help me here. We covered their asses when they nearly destroyed their own company and hundreds of others along with it, by buying preferred shares to the tune of a couple billion dollars. Now we’re going to swap those preferred shares for common stock, so that we’re holding paper that's even more worthless if the greedy bastards decide to pull another stunt like last time. Am I right? If so, I vote to sell the preferred shares now and be done with them. Are there any suckers buyers out there?
....but hey, do what you want....you will anyway.
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