AIG Reports Profits

This turned out to actually be worth something. Photo: Everett Bogue

After we made $182 billion in taxpayer funds available to AIG, it’s hard to feel good about hearing that they’ve made a profit this quarter — even though that means the government, the insurance giant’s largest shareholder, made $1.5 billion off of it. Patting the backs of people who rewarded themselves richly after nearly obliterating the American economy never feels very nice. Still, it’s good news that the group (which lately has been selling its products under other names) made its first profit since 2007. Its net income was $1.8 billion, which, when compared to the $5.8 billion it lost during the same quarter last year, is a significant turnaround. Edward Liddy, the government-appointed temporary CEO, can now rest in peace and go back to making more than $1 a year — and we’ll stay here, shaking the world’s tiniest tambourine.

A.I.G. Reports Profit, Saying Business Is Stabilizing [NYT]