Bush/Obama TARP update: U.S. public faces severe AIG losses following bailout

brentspeak

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Thu Jun-10-10 12:06 PM
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Bush/Obama TARP update: U.S. public faces severe AIG losses following bailout

http://www.latimes.com/business/la-fi-aig-bailout-20100611,0,1131242.story

Watchdog panel slams AIG bailout, says taxpayers risk 'severe losses'

By Jim Puzzanghera, Los Angeles Times

June 10, 2010 | 9:37 a.m.

Reporting from Washington �
A watchdog panel on Thursday blasted the government's $182-billion bailout of insurance giant American International Group Inc. for its continued "poisonous effect" on financial markets and said it's still unclear whether taxpayers ever will be fully repaid.

The Congressional Oversight Panel, set up by lawmakers to monitor the $700-billion bailout fund, also was sharply critical of Treasury and Federal Reserve officials for failing to exhaust all options in 2008 before rescuing AIG as it teetered near bankruptcy. Taxpayers are still on the hook for $132.3 billion in the bailout and the Congressional Budget Office's latest estimate is for a $36-billion loss...

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Enrique

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Thu Jun-10-10 12:11 PM
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1. Geithner said it had to be done

no choice. :shrug:

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ProSense

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Thu Jun-10-10 12:29 PM
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2. Here:

Edited on Thu Jun-10-10 12:31 PM by ProSense

Video of the June report

What the LATimes doesn't mention is that Warren says that the government should have acted much earlier, long before September 2008, to effect a private rescue, which she said could have been difficult or impossible, but definitely worth trying. The decision to rescue was made in a panic, and the actions were a success, but the victory came at an enormous cost.

Also note her point on taking over AIG, and consider the calls to put BP into receivership. Lunacy.

Edited for clarity

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