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Thursday, December 9, 2010

AIG Says It Will Repay Fed


“Insurance giant American International Group on Wednesday formalized plans to pay off its debt to the Federal Reserve Bank of New York and set the stage for the Treasury Department to sell a significant portion of its stake in the firm early next year.” (Washington Post)

Don’t be distracted: AIG’s powerful creditors were bailed out by the government.

FEE Timely Classic
“The Financial Bailouts: ‘See the Needle and the Damage Done’” by Lawrence H. White