But the Obama administration would like it sooner, certainly before the 2012 elections so it could declare it made a profit on the AIG bailout or at a minimum it will make a profit when all the shares are sold in the biggest bailout in American history.

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"Ideally it'll generate a profit, but breaking even is a bare minimum, " he said.

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Carney said Obama has long favored proposals "to ensure that American companies cannot use off-shore profit shifting to avoid paying taxes, " including a proposal for a minimum tax on foreign earnings.

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