AIG Sells AIA Stake For $6 Billion
AIG (NYSE: AIG) continues to try to pay back the $182 billion bailout that it received from the federal government, which means from the taxpayers. It announced another stage in the process. It will sell a piece of its large Asia…
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AIG (NYSE: AIG) continues to try to pay back the $182 billion bailout that it received from the federal government, which means from the taxpayers. It announced another stage in the process. It will sell a piece of its large Asia operation–AIA–for about $6 billion. The US government owns 44% of AIG, and wants to continue to chop down that stake. The trouble with the effort to recoup the money is similar to attempts with GM (NYSE: GM), Chrysler, Fannie Mae, and Freddie Mac. The money which was invested will never be paid back entirely. That leaves the government, and taxpayers, to answer the question of whether the bailouts were worth it at all.
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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
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A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.