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“On Sunday Treasury had said it expected to reduce its stake in AIG to 63 percent. But demand was high for the insurer’s shares and Treasury said it now plans to sell 188.5 million shares for approximately $5.8 billion.”
But, but, but, but.
This entire charade has been the biggest smoke and mirrors idiotic deal ever perpetrated on the American public. I called AIG’s demise in writing a year prior to it occurring, in July of 2008, I suggested I would amazed if AIG’s shares on 1/1/09 were at $ 5. I was wrong they were under $ 1. To prevent the stock from being de-listed, AIG did a 1 to 20 reverse which still impacts the overall efficacy of the share. When the Government stepped with the original bailout of less than $ 50 million and took 100% of the company as collateral, and continued their irresponsible linkage and funding to what became $ 182.5 billion utilizing the same collateral. The shares that they are foisting on the public have come from that insane 1,600,000,000 warrant deal they put together. How anyone could buy this junk with a diminished valuation is beyond comprehension. AIG continues to assert that they are going to accomplish IPO’s on entities such as ILFC is mind boggling given the fact that they were and continue to be a corporate entity on the NTSE where the original SEC filings have been torn apart by the Government on the assertion and original guarantee that the American taxpayer would be paid back in full. I’m frankly surprised that Chartis and the remainder of AIG are still in business. Their 1Q profit was a smoke and mirrors tax deal, their past 6Q’s have been an outright mitigated disaster, and the public keep buying into this ponzi scheme.
Be well all
Pete
Peter, you are clearly smarter than top fund managers, the treasury, the Fed, the GAO, the international investment community at large and the 70M customers in over 160 countries worldwide served by Chartis insurance today. It’s a wonder any agent or client worldwide would select and write insurance with such a horrendous and defunct company like Chartis in this marketplace. Please….get real and act like an informed grown-up Peter. If you are correct in your logic, let’s post on this website to each other in about 3 years after the gov’t has sold all shares of AIG and AIG/Chartis has had a couple years competing on it’s own without gov’t support of it’s financials. Clearly..AIG will have folded and gone bankrupt, right? then i can respectfully say you were right and knew more than the rest of us pundits. Dont be such a hater Peter and respect the fact AIG/Chartis is working hard and dutifully to return a profit for the gov’t / taxpayer assistance provided in 2008/2009…
John – do both of us a favor, get off the “get real” commentary when you don’t know me or my back ground. I’ve brokered business to AIG since 1955 and have dealt with Hank and the majority of the senior executives within the NYC corporate office. I’ve dealt with the reinsurance and financial operations on multiple occasions handling Fortune 500 business, and have been fully cognizant of the internal workings of each of the entities that I dealt with. I don’t hate AIG, I’m angry with the idiotic methodology used by the Government, where simply letting the group go down would have saved taxpayer money. Do me a favor, don’t come back and lecture me on the excessive damage that would have been created in the financial and insurance marketplace, I’ve written on it continuously since 2009 with little if any adverse commentary from the financial and insurance legions. If I’m that off base my friend, then tell me how I called their collapse 12 months prior to the occurrence in writing, in any event,
Be well
Pete
John – please don’t give me this get real, grow up scenario. I’ve brokered business to AIG since 1955, I’ve dealt directly with Hank and every major executive within the group, I’ve been a part of their reinsurance operations as an adjunct to business as well as having been involved in a number of financial efforts in conjunction with business. I don’t hate AIG I’m simply angry that the Government did not have the intestinal fortitude to let them go down. And John, don’t give me a lecture about the potential world wide damage that would have been created to the financial and insurance marketplace. I have written on this subject since the beginning of this charade, and have not received any adverse comments from any number of folks within the financial industry.
But – be well
Pete
John excuse the double post, it was inadvertent. The lower one was not supposed to post,somehow it did.
Pete