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The Bush administration received assets that were worth $78 billion less than the amount it invested as part of the massive infusion of capital into the country’s banks, congressional investigators have found.
The investigators concluded that the Treasury under the federal bailout had invested $254 billion into companies but the preferred stock it got in return had a market value at the time of only $176 billion, or 69 percent of what the government paid, according to a congressional oversight panel report scheduled to be released today…
According to the analysis by the oversight panel, the Treasury invested $40 billion in American International Group, the insurance giant, and received shares of equal face value but worth only $14.8 billion, or 37 percent of the price it paid. It said the real value of the $10 billion in Morgan Stanley that the government purchased was only $5.8 billion, or 58 percent of what it spent.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Amount of trash left in New York City’s Central Park by people attending Earth Day festivities, in tons:
High ocean acidity from rising sea temperatures was causing the ears of baby damselfish to develop improperly; without ears, baby damselfish cannot hear (and thus locate) the reefs where they are meant to grow up.
Colombian author and Nobel Laureate Gabriel García Márquez died at age 87. “You’d be at a bordello,” said the journalist Francisco Goldman, “and the woman would have one book by her bed and it would be Gabo’s.”
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Science’s crisis of faith