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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
Number of British women killed last fall by lightning conducted through their underwire bras:
British women wear heels for fifty-one years on average, from the ages of twelve to sixty-three.
Thousands of employees of McDonald’s protested outside the company’s headquarters near Chicago, demanding their wages be increased to $15 per hour. “I can’t afford any shoes,” said one employee in attendance, “and I want Versace heels.”
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”