From Pine View Farm

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The BBC:

US insurance giant AIG, which was rescued by the US taxpayer, is to sell 53 aircraft to Australian investment bank Macquarie for about $2bn (£1.3bn).

The passenger jets are owned by AIG’s aircraft leasing operation, ILFC, and the cash saved will help repay the $182.3bn cost of bailing out AIG.

When I saw the headline in my RSS feed, I jumped to the conclusion that these were private aircraft for ferrying fat cats about. Not an illogical jump, and I was mildly surprised to see that it referred to real planes that carried fare-paying passengers (wonder how may company jets AIG does/did have?)

I understand that the planes’ bulkheads were stuffed with inflated assets that helped keep the planes aloft, sort of like flubber. When the assets deflated, AIG could no longer keep the planes in the air.


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