Over the weekend, the United States Treasury said it has plans to sell $18 billion worth of American International Group stocks. During the financial crisis in 2008, the government pumped $182 billion into AIG stock to keep it from collapsing.
Reuters reports, this morning, that AIG shares fell 1.5 percent because of the news. Reuters adds:
"AIG itself will buy back $5 billion of its own shares in the upcoming stock sale, with the rest of the shares going to the broader public.
Originally published on Mon September 10, 2012 12:02 pm
The FBI arrested the mayor of New Jersey's capital city today, accusing him of corruption related to a bribery scandal.
The FBI alleges Tony Mack, the mayor of Trenton, accepted thousands of dollars in exchange for influence over a parking garage project. Federal authorities also arrested Mack's brother and a supporter.
NPR's Carrie Johnson filed this report for our Newscast unit:
"Federal prosecutors accuse all three men of taking part in a conspiracy to obstruct justice.
I'm Michel Martin, and this is TELL ME MORE, from NPR News. Coming up: The designers are sending their creations down the runway at Mercedes-Benz Fashion Week in New York City. And just in case your invitations to some of those big-name shows got lost in the mail, we will bring the runway to you. We'll talk with a reporter who's in the mix to tell us what's hot and what's not. That's later in the program.
I'm Michel Martin and this is TELL ME MORE from NPR News. Coming up, we'll talk about how a master violin maker holds onto his art form in this struggling economy. Talk about that in just a few minutes.
This is TELL ME MORE from NPR News. I'm Michel Martin. Now it's time to go behind closed doors. That's the part of the program where we talk about difficult issues that are often kept hidden.
And in this election season we've been hearing a lot about why candidates take on the issues they've chosen to address. Sometimes it's because an issue is popular, but sometimes it's just too important to ignore, and sometimes it's also personal.
Originally published on Mon September 10, 2012 8:59 am
Remember the dark days of 2008 when insurer American International Group Inc., better known as AIG, nearly collapsed under the weight of the mortgage crisis before Washington rode to the rescue to the tune of $182 billion?
Then there was the public outrage when AIG executives got millions in bonuses after receiving the largest of all of the Wall Street bailouts.
Since then, the New York-based insurance giant has been essentially a government-owned enterprise, with Uncle Sam holding a controlling share.