WOW, they are selling off assets in this case to pay off the government loan!
So, yeah, I'm actually showing $67 billion in net tangibles. But certain segments of their business HAVE to be worth WAY more than their net tangible assets. Isn't this a company that made billions of dollars a year for many years?
At the very least the rock-solid auto insurance business, for example, which didn't have any negative ills from housing surely will fetch a premium.
Looks like the government is loaning them the equivalent of DIP financing, getting paid back in full, then taking 80% ontop of the entire company ontop of that in another socialistic theft of private property without just compensation. Oh how cute!
Just hope Paulson doesn't eye your house, decide your not liquid enough for his taste and decided to take it from you because it would benefit the rest of the neighborhood if you're homeless.
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