Yesterday, every American taxpayer was the not-so-proud owner of a company that played an integral role in bringing down the global economy.
By this Friday, you'll be just another schmo who doesn't even own a multi-billion dollar insurance conglomerate.
That's because the Treasury Department has priced an offering of approximately 234.2 million shares of AIG common stock, selling the remains of what was once a 92% stake in the insurance giant for a $7.6 billion profit.
In combination with previous sales of AIG stock, the government has profited to the tune of $22.7 billion, almost a respectable fraction of what Goldman Sachs earned as a counter-party to the deals AIG insured.
But while this is good news for taxpayers, the sale of AIG represents a step back for the thousands of Americans who make their living in the conspiracy-mongering sector of the economy. Recall the series of lawsuits filed by conservative activists arguing that the AIG bailout–authorized in 2008–was a Muslim Brotherhood plot to establish Sharia law in the United States because AIG issued Sharia-compliant policies to Muslim clients.
Now I guess we'll never live to see George W. Bush's dream of a new caliphate come to fruition.
Photo by Dan Kitwood/Getty Images Entertainment/Getty Images
Tags: AIG, Economy, Islam, Treasury Department