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ha ha ha ha ha ha ha
maybe they will go on the installment plan, and are betting on inflation:p
Aug. 20 (Bloomberg) -- Robert Benmosche, named this month as chief executive officer of American International Group Inc., said he expects the bailed out insurer will repay its debts to the U.S.
“At the end of the day, we believe we will be able to pay back the government and we hope we will be able to do something for our shareholders as well,” Benmosche said in an interview in Croatia. “The government is working with us. They want us to do things that are very prudent.”
Benmosche plans to rebuild the New York-based company’s profitable insurance operations as he seeks to repay the government bailout that was required because of losses on derivative contracts tied to subprime mortgages. He told employees on Aug. 4 that he won’t be pressured to sell assets to repay the government, and this week halted the auction of an investment advisory unit.
“My first charge is to get the company to operate at the level it used to operate, being the world’s best,” he said. “The fact is we owe the U.S. government a lot of money and we are not going to be able to pay it back just by our profits, so we will sell some of the company off but only at the right time at the right price.”
The insurer has announced about $9.3 billion in asset sales since its September rescue and still owes more than $40 billion on a Federal Reserve credit line. The U.S. bailout includes a $60 billion credit line, an investment of as much as $70 billion and $52.5 billion to buy mortgage-linked assets owned or backed by the insurer. AIG agreed last year to turn over a stake of almost 80 percent to the U.S. in exchange for the bailout.
http://www.bloomberg.com/apps/news?p...d=aJUBfj9Q0nBI
maybe they will go on the installment plan, and are betting on inflation:p
Aug. 20 (Bloomberg) -- Robert Benmosche, named this month as chief executive officer of American International Group Inc., said he expects the bailed out insurer will repay its debts to the U.S.
“At the end of the day, we believe we will be able to pay back the government and we hope we will be able to do something for our shareholders as well,” Benmosche said in an interview in Croatia. “The government is working with us. They want us to do things that are very prudent.”
Benmosche plans to rebuild the New York-based company’s profitable insurance operations as he seeks to repay the government bailout that was required because of losses on derivative contracts tied to subprime mortgages. He told employees on Aug. 4 that he won’t be pressured to sell assets to repay the government, and this week halted the auction of an investment advisory unit.
“My first charge is to get the company to operate at the level it used to operate, being the world’s best,” he said. “The fact is we owe the U.S. government a lot of money and we are not going to be able to pay it back just by our profits, so we will sell some of the company off but only at the right time at the right price.”
The insurer has announced about $9.3 billion in asset sales since its September rescue and still owes more than $40 billion on a Federal Reserve credit line. The U.S. bailout includes a $60 billion credit line, an investment of as much as $70 billion and $52.5 billion to buy mortgage-linked assets owned or backed by the insurer. AIG agreed last year to turn over a stake of almost 80 percent to the U.S. in exchange for the bailout.
http://www.bloomberg.com/apps/news?p...d=aJUBfj9Q0nBI
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