White House Discussing Ways To Break Ties With A.I.G
September 29, 2010
U.S. (ChattahBox Business News) – As midterm elections near, the Democrats are looking for any way to regain voter support in a time of increasing cynicism from both the moderate and extreme Left. The latest tactic? Cutting ties with A.I.G to eliminate financial support for one of the most hated institutions in the country.
The New York Times had a report based on two anonymous sources involved in the deal, who are not authorized to discuss the details. According to them, the Obama Administration is discussing a plan they hope will be ready for official announcement next week, that would have all stock they possess in A.I.G being converted to common stock.
This should effectively cut off the major financial ties between the White House and the corporation, which was a crucial center of the financial crisis that led to the Recession between 2007 – 2009.
If they manage to come up with a plan, they are setting up a deadline of the end of the year to have the process completed. But with the insurance agency still near collapse it will be a difficult process that could easily backfire.
A.I.G has been named one of the most loathed companies in the U.S., especially after it was found that it was one of a number of companies to pay out high bonuses to executives using taxpayer funds. Many have criticized the White House for failing to properly call for indictment following this misuse of funds.