Treasury now owns zero shares of AIG

[Chex]

Treasury now owns zero shares of AIG common stock, down from 1.655 billion shares (92 percent of outstanding common stock) in January 2011. The Treasury and the Federal Reserve have fully recovered the combined $182.3 billion they committed to stabilize AIG during the financial crisis – with an additional $22.7 billion positive return.

Learn more on Treasury Notes.. http://www.treasury.gov/press-center...IG-wrapup.aspx

Secretary Geithner indicated that the Obama Administration supports extending the “McConnell Provision” regarding the debt limit -- a part of last year’s Budget Control Act -- which would lift the periodic threat of default from the U.S. economy and remove politics from future debt limit debates, while preserving Congress’ essential role in spending, revenue and borrowing decisions.

Learn more about how this provision works on Treasury Notes. http://www.treasury.gov/press-center...provision.aspx

Vice President Joe Biden and several cabinet secretaries announced today the administration's efforts to identify and eliminate misspent tax dollars. My favorite – the savings of $50 million annually by no longer minting unneeded and unwanted dollar coins. Deputy Secretary of the Treasury Neal Wolin says they currently have a decade worth of excess coins on the shelves! From the White House release:

As a result, nearly 1.4 billion excess dollar coins are already sitting unused in Federal Reserve Bank vaults – enough to meet demand for more than a decade.

But until today, the Mint was on pace to produce an additional 1.6 billion dollar coins through 2016.

Learn more about how this provision works http://whitehouse.blogs.cnn.com/2011...-dollar-coins/

“At the Treasury Department, we’re continuing to work hard in support of President Obama and Vice President Biden’s efforts to cut waste and streamline government,” said Treasury Secretary Tim Geithner. “Putting a stop to the minting of surplus $1 coins represents a significant opportunity to reduce costs and improve efficiency. In these tough times, Americans are making every dollar count, and they deserve the same from their government.

We simply shouldn’t be wasting taxpayer money on money that taxpayers aren’t using.”

http://whitehouse.blogs.cnn.com/2011...-dollar-coins/