AIG Is Making Money Again
Is that good or bad? We just don't know anymore in this topsy-turvy world of bailouts and bonuses and government ownership of corporate monsters. But whatever—AIG pulled in a cool $1.8 billion last quarter.
Oh hell, we'll say it's good: A full $1.5 billion of that profit is going to AIG's primary owner, the federal government. So we can afford Cash for Clunkers after all! It's like Uncle Sam found a sawbuck in an old (red-white-and-blue) coat pocket.
But it won't last—AIG says business is still suffering from "weak economic conditions and the lingering effect of negative A.I.G. events earlier in the year." The "negative AIG events," you will recall, culminated in an orgy of outrage and threats of violence against the company after it redirected taxpayer dollars to the executives who engineered the financial collapse in the form of bonuses. So if AIG's apparent turnaround ends up being temporary, remember—it's your fault.