Government Conceals $40B In AIG Losses

Have you heard laely how the government has "made money on all those TARP investments"? Well, Reuters reports that the U.S. Treasury concealed $40B in likely taxpayer losses on the AIG bailout. The figures comes from a report by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program.

"In our view, this is a significant failure in their transparency,"

The issue stesm from the fact that Early this month, the Treasury changed its usual valuation methods and issued a report saying that U.S. taxpayers would ultimately lose "just $5 billion" on the AIG investment.
"The Treasury will include more information about the AIG investment when it issues its own audited financial statement in November, which may likely report taxpayer losses of more than $5 billion, according to the paper".