CORRECTED - UPDATE 1-AIG exit plan to slash U.S. bailout costs-official | ReutersAmerican International Group's (AIG.N) plan to exit government support could cut the cost of the U.S. Treasury's bailout program by half, to less than $50 billion based on current market valuations, a senior Obama administration official said on Thursday.
The plan to convert the Treasury's preferred shares in the bailed out insurer to common stock could yield a profit of around $16.5 billion for taxpayers, compared to a previously estimated loss of about $45 billion, the official said.
The bailout's started by Bush and taken even further by Obama were a horrible idea and to me this maybe a lucky break for Obama.
Mr President, I'd prefer you to NOT use my tax dollars at the craps table. Just because you may have come back positive this time doesn't negate the fact that you chose to participate in reckless gambling.