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The Treasury Department — and taxpayers — might have made a much larger profit had the offering taken place earlier this year when AIG's stock was trading at more than $50 a share.
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Many more were added before the offering took place.
Preparing this offering takes more skill than one might think.
Goldman's initial public offering took place in the heady days of the Internet bubble.
Its 2010 public stock offering took away some of the stigma of being "Government Motors".
The offering took place in April, 2000, and Salomon Smith Barney pocketed more than forty million dollars.
But once the mainland offering takes place, price movements become random: the secondary market is not a good buy.
By the time the offering took place, a little over a year ago, it was for about $7 billion.
So while Rabobank's offering takes the market for contingent capital one step forward, it won't be the last word.
This year's offering, "Taking Up Serpents," was written by Kamala Sankaram, another composer whose work has been seen around the country.
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