My latest Atlantic column is out. This one is on how we should think about the AIG bailout and the government's "successful" sale of its majority stake. In short, of all the bailouts, AIG was the "good" one: shareholders were highly diluted, management was fired, and taxpayers got a majority stake. There were also problems, like using AIG as a way to funnel cash to Goldman and its ilk. But the big problem with the government's overall strategy was that it didn't take the same approach with the megabanks, instead extending cheap loans and asking for almost nothing in return.
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