AIG No Longer Hemorrhaging Money, Actually Makes Profit

Big news! AIG, poster child of the economic meltdown, has reported a profit. The company says it had a net income for the second quarter of $1.8 billion, which is much better than in 2008 when it lost $5.8 billion. So, how much did we-the-people get for our investment? $1.5 billion.

“Our results reflect stabilization in certain of our businesses,” said Edward M. Liddy, the chairman and chief executive installed by the government during A.I.G.’s rescue last fall.

Liddy said that the company’s insurance business “remains challenged,” due to, you know, people totally hating them. He described our disdain for the company as “the lingering effect of negative A.I.G. events earlier in the year.”

A.I.G. Reports Profit, Saying Business Is Stabilizing [NYT]
(Photo:eflon)