Everything you don’t understand about the historic bailout.

Of course. The government doesn’t actually own AIG stock. It probably—details are scarce—owns 79.9 percent of something called warrants. That lets it buy stock down the line if it wants, which would probably happen if AIG miraculously turned a profit. If that happened, the Fed would be able to recoup on its investment and pump the money back into the economy.

Why only 79.9 percent of the warrants and not more?

Because if the government crossed the 80 percent threshold, AIG’s debts would become the government’s debt. The deal as structured allows the government to keep AIG’s toxicity at arm’s length while preventing it from spreading elsewhere.

Does this mean I’m now a stockholder of AIG?

No. Your tax dollars helped fund the bailout, but it doesn’t give you any rights to the company.

Are AIG workers federal employees now?