THANKS, W:

AIG Sells Assets, Gets $37 Billion to Repay US (Antonio Perez, 11/01/10, Epoch Times)

On Monday, AIG completed the sale of its Japanese arm, American Life Insurance Co. (Alico) to MetLife Inc. for $16.2 billion, $7.2 billion of which is in cash—bringing the total mount raised to repay the U.S. Treasury and the Federal Reserve Bank of New York to $36.7 billion.

"We promised the American taxpayers we would repay them and the initial public offering of AIA last week and the completion of the Alico transaction move us closer to delivering on our promise," AIG CEO Robert Benmosche said in a statement.

After AIG repays the Fed, from which it owes around $20 billion, it would repay the Treasury with the proceeds. The rest of the Treasury debt, which amounts to roughly $50 billion, would be converted into equity to be sold over time.

You'd think it would be enough that W rescued the economy from a second Great Depression, but that he used policies that will end up netting taxpayers a surplus is some serious frosting on the cake.

Posted by Orrin Judd at November 1, 2010 1:57 PM