Having already moved the bailout repayment bar down three times since it went up a year ago, the latest thorn in Bank of America's side, Edolphus Towns, wants to do his part to see new AIG CEO Bobby Benmosche succeed by further lowering the degree of difficulty involved in paying back the US taxpayer. Armed with a plan from former AIG captain Hank Greenberg, Towns is currently debating whether or not to approach the Beard and Timmy G with the plea to trim the government's stake in the Pink Ladies' favorite firm while also rethinking the interest rate and amount of time the firm has to pay back its safety net.
According to Towns, the critical thing to remember is that time is not the essence here. The massive rally in asset values over the past six months, while nice and all, is not enough to convince the good representative that AIG should sell what they can before they place the fate of the company in the debate between a V or W shaped recovery.
Towns said regulators have pressured AIG to liquidate the company at "fire-sale" prices. "What's the rush if we can get a better return on our money a few years down the road and save a major company and thousands of jobs?" he said.
It seems there's still a place in this world for speculators after all.