AIG Claims $1.8 Billion “Profit”
The company that literally almost brought it all tumbling down about a year ago right around this time is back in the black?
Not so much.
For the first time since 2007, AIG on Friday claimed a profit. The insurance giant reported second-quarter net income of over $1.8 billion. That’s still just a fraction of the $180 billion that AIG received as part of a government bailout in 2008. AIG’s chief executive claimed that the profits demonstrated “stabilization,” while acknowledging that parts of the company were still troubled.
Listen, until they pay back the money they owe the government, there is not such thing as profit for AIG.