(The accounting used in all the TARP transactions was standard in every respect. Your lunatic friend was claiming that because the stock AIG put up as part of their collateral requirement was transferred from the Fed to the Treasury Dept. that it was a gift to Treasury, and without the transfer Treasury would have made less profit. He didn't know that the reason the stock was only briefly (overnight) on the Fed books was to expedite the transaction, and that, regardless, all Fed profits, after expenses, are routinely transferred to Treasury. Furthermore, your lunatic correspondent apparently did not know that the Fed could not have, in any case, accepted common stock as collateral.)
Pray tell, Piezoe, what credentials do you have, again? Regardless, it's obvious you didn't even read the article, for if you had you'd have noted that Barry didn't write it. He posted it and agreed with it. Two other individuals, one a professor in economics at Middlebury (now deceased- his credentials can be found here).