AIG loses 105 billion. U.S. dollars: Now it’s bonus time?

with one comment

The power to the people
The U.S. taxpayer now owns some 80 per cent of insurance giant AIG. It has cost them 170 billion. dollars. If some feel that perhaps it was a bit expensive, so they are probably not very happy when they hear where the money has gone.

Where did the money go?
Today AIG publiced two things: A list of banks that have lost money paid for – and a bonus payout of 165 million. U.S. dollars to the department which lost money. “These payments are nothing less than a reward for an obvious failure,” said Elijah E. Cummings, a Democrat from the State of Maryland, to The New York Times, and continues.

Safty net
The list of payments to the banks will not spread much joy among the taxpayers, while a large number of banks in particular will welcome some facets. The agreement, which goes under the name of Maiden Lane III, ensure that full payment of a wide range of insurance, whether insured assets has resulted in loss yet.

Gigant looses on investments
AIG has a large scale loan stocks and bonds in exchange for security. Securities have invested so catastrophically bad, as when the shares have been exchanged has caused losses of 44 billion. dollars.

Written by admin

marts 16th, 2009 at 7:24 pm

Posted in business

Tagged with , ,