Feds fork over $37.8 billion more to AIG
Time for another party, eh, AIG?
The feds are just warming up, people. This is chump change:
The Federal Reserve Board said Wednesday that it would provide up to an additional $37.8 billion to the insurance giant, the American International Group, to help the company deal with a continuing liquidity crisis.
The additional funds come atop $85 billon in credit that the Federal Reserve Board extended to A.I.G. about two weeks, just as the current financial crisis was unfolding. At the time, the bailout of A.I.G. was the most radical intervention ever by the central bank in a public company.
Under the latest step, the central bank, working through the Federal Reserve Bank of New York, will provide an additional $37.8 billion to A.I.G.’s regulated life insurance subsidiaries and will receive investment-grade, fixed-income securities in return.
The money will be used to settle existing transactions related to its securities lending business. Under that program, A.I.G. lent out securities to investors and others receiving both the value of such securities and a fee in return. The insurance giant then took the funds and placed them in other investments like mortgage-backed securities.
Now that the value of mortgage-backed securities has plummeted, A.I.G. does not have the money to repay those who are returning borrowed securities. As a result, the central bank is stepping in to take those securities and provide A.I.G. with cash to meet its obligations.
Just a matter of time before the next failing company puts out it hand and asks…
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Trackbacks
- UPDATED: Less than a week after taking the $85 billion government bailout, AIG Inc., sent executives on a $440,000 retreat to a posh California resort..UPDATE: Feds fork over $37.8 billion more to AIG | Right Voices
- This Is Why The Whole Bailout Idea Sucks « Beltway Snark
- Fed Provides Additional $37.8 Billion to AIG « The Political Page
- We Are Now Socialists « Kerfuffles and Flourishes
- AIG Needs $38 Billion More
- End Times | NeoConstant
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Money…money…money…money…that clinking clanking sound…
They had to pay for the spa bill.
Keep the change. Really, keep it we don’t need it.
What a mess.
Here’s what AIG and Wall Street should get.
$$$$$$$$$$
That “clinking clanking sound,” Craig, should be prison door shutting with those responsible and their new bunkmates on the inside.
The one that just had the $400K junket?
Me next me next, and I swear, I will only ask for 2.3 billion and you will never hear from me again asking for a single penny more.
I saw a post somewhere where they linked this all to paulson over the last 18 months and how it perfectly seems to have been executed to cause a panic before the election and get the Democrat elected. I wish I could find that post.
So AIG who we now know spent almost half a million dollars partying after their first bailout is getting more? I understand that the half million is chump change in the grand scheme of things, but on principle, this should not be given to them. If that is how they run the company, they not only deserve to fail, they must fail, or they will be at the trough over and over agian wanting more more more.
And those guilty of putting us in this mess are going free. We must demand a broad, in depth, detailed investagation of this and put those guilty on trial.
That is ONLY $124 for EVERY man, woman and child in the USA to ONE company.
We are so screwed.
MY GAWD, WHY AM I STILL PAYING MY BILLS???
AIG response;
PAR-TEE , PAR-TEE , PAR-TEE
WARM UP THE JET !!!
The amount of money being thrown around by world governments is astounding. I suspect that there is at least $10 trillion in eventual money paid out if not more to prevent a world wide depression. The $800 Billion price tag for an Obama socialist play or the $300 Billion for a McCain mortgage buyout is nothing compared to this.
Yes, there should be hundreds of people arrested and jailed for a long time, and Congress should be the place to start focusing on Barnie Franks and Chris Dodd. This won’t happen, and Obama as president will protect all his gangster supporters.
Hey, lighten up on the lads; these executive retreats are expensive with the cost of caviar and private being what they are. You should be proud to help. Is it their fault that their millions of dollars fund managers can’t cull junk from prime? Who do you think they are, honest folk? Really.Send a million dollar fund manager to camp fund is being set up now so we can all help.
—
ALCOHOL, TOBACCO AND FIREARMS
Should be a convenience store
NOT a Government Agency
Have the T-shirt
Know it is true
Bottomless pit warning …
That’s OUR cash!! Or rather, it used to be.
I see no details in the announcement specifying if this is a loan, a loan guarantee, a purchase, a gift, or a birthday present.
Oh, wait - now I feel felaxed:
Note to self: Gotta dig a deep hole in the backyard to keep my assets safe from my own government.
Grab the pitch forks, I’ll spring for the torches.
Time to take our money back!!!!
Me! I need $37 billion. Ok, ok, I’ll settle for $18 billion, it’s not that much, right Obama?
Fools must have figured out they could have gone to Paris instead of SoCal, and are working on the Christmas Party.
You must be some kind of rich guy if you still have money to pay for torches after the great fix to the economy our “representatives” gave us last week!
I bet they stiff the waite staff too.
Not to worry - we are making them out of the wooden arrows thoughtfully provided in Crap Sandwich 2.0.
Obambi thinks I’m rich! Why not act like it?
Ahhhh…socialism, take me away…
Just wait until the Messiah takes the throne…when he says we need to sacrifice, he means we will sacrifice. According to BO, the sacrificing has even started yet.
While you’re at it Fred5676, can you look for some oil when you’re digging?
Well we certainly wouldn’t want any AIG execs to miss their spa treatments.
Has anybody figured out that there’s not enough loose shekels in the entire world to bailout the American corporations.
Will the Fed being paying the $443,343 bill for the September 22-30, 2008 AIG retreat at the St. Regis Resort in Monarch Beach, California?
http://www.thesmokinggun.com/archive/years/2008/1007083aig1.html
So, besides irrationally exuberant whining, what’s the game plan?
There seems to be an abundance of wise cracks, but a shortage of action.
We have a “Vote the Bums out” campaign, but the electorate seems to be suffering from a mental illness called “Partisanism”.
“Partisanism” is kind of like “The Stockholm Syndrome”, where “the hostage” (the Partisan voter) shows signs of loyalty to their hostage-takers (Representatives that have completely screwed them), regardless of the danger in which they have been placed.
Like S.R. Hadden, the billionaire industrialist in the movie “Contact” said:
First rule in government spending: why build one when you can have two at twice the price?
fred5676 re:
Note to self: Gotta dig a deep hole in the backyard to keep my assets safe from my own government.
uhhh fred, I hate to be the one that has to tell you this, but your back yard IS an asset. But don’t worry they will be coming for that too soon enough.
Incumbents need not apply!
Hey…Wait…
Do you understand how much the bills at the spa were? Now come on people, these corporate metrosexuals really needed the money to pay for some much deserved spa treatment:
Male Bikini Waxing……..$10,000
Foot Reflexology……….$ 8,000
Flowers in Suites (daily).$ 5,000
Coffee Colonics………..$12,799
Tea Service……………$ 2,500
Dandy Suite……………$15,000
Facial………………..$ 9,569
“Release”……………..$ 7,500
Of course someone needs to foot the bill, because these clowns are out of funds.
Reminds me about those commercials about meth, crack, crank, whatever the addictions…can’t wait to see the new one for the Fraud Failure Finance Depleting Metrosexual Businessman.
jdubya re: “Release”……………..$ 7,500″
please don’t tell me that Spitzer was there….
Hello Brooklyn Red,
artistic license??
Not much longer and the US Dollar will be almost as valuable as the German Mark under the Weimar Republic. The presses at the US Mint must be working overtime to print the useless paper they are dumping on the street to only to make this situation worse.
Welcome to the United Socialist States of America. We’re boned!
So, if we ‘aquired’ 80% of AIG for the first 85 billion, does the subsequent 37.5 billion now mean we own the entire company?
Of course, if AIG is going to be run as a government enterprise we can expect to pump new money in it,on a regular basis, for many decades to come.
Now, if you think the junkets are expensive, do you have any idea how much grease it takes to keep the politicians sending them money without any questions at all from the general public?
jdubya said:
artistic license??
uhhhh, corporate over at 50 rock has revoked them… didn’t you get the memo?
Game plan? There is no game plan. Like I said to friends and relatives six months ago, the only way the so called “smart people” find a way out of this mess is if they accidentally stumble upon it.
It would probably be about as useful a plan if we all ran around in a circle, waving our arms in the air and shouted “Ooga Booga”.
The SOB’s at AIG get another $37.8B…after VIPs for them spent almost a half million on a “excursion” in SOCAL? WTF???…I agree with O’Reilly - they need to go to the hole for a long time…greedy SOB’s need to wear prison orange and go to jail with Barny, Chris, Nancy, Maxine, Harry and all the other SOB’s that enabled this crap to go down…
Geee. Now I have more people to take out to the wilderness to go moose hunting with me. I think Idaho will run out of moose before these crazies are gone.
I truly dislike being pessimistic here, but…as we, of the older generations have been told most of our lives, America we fail from within not from outside. This is not just a financial collapse, it is a sign of liberty taking leave of this the greatest and freest country in the history of the world. The question now is, what will the American patriots do?
funny, that one one hand they want socialism, but on the other they don’t quite grasp what socialism requires that we do to them… IMHO
fmfnavydoc
I agree with the premise but not the location of their new home …
Sheriff Joe still has plenty of tents that need to be occupied here in Phoenix and I am sure he would be glad to have some new tenants …
Can we bring back the public guillotine?
I caught a little bit of Hank (Mr. Hankey) Paulson’s address on the economy. He sounded like a babbling idiot. “we ah have um a plan, and um the authority to, um and we have the authority and um a plan…” Not a real confidence builder this one. It’s like a bunch of monkeys driving a truck toward a cliff.
Now I know why the left doesn’t want torture.
Is that where Biden got his hair plugs?
That’s where Michelle O’ gets her mustashe removed FamMan.
FamilyMan said:
Can we bring back the public guillotine? My point exactly…
OK, Mr. Obama you have convinced me! I am down with the struggle! But let’s go ALL THE WAY…I am ready to dispatch all the rich folk (anyone who makes more than I do) & take their stuff!
Fifty workers can live in your house & we need it more than you do! So get out! OK Barack!
you done outlived your usefulness…
Dude. Who’s going to bail out my student loans?
Damn can I get $300,000 of that? It’s like a penny in the grand scheme of things.
29victor, look into state tuition recovery funds, depending on where you are and if your qualified….
unless you were being sarcastic.
Jeez! Can’t they dole it out at 1 billion a week. At least try to pretend make it last. Screw the tea, I’m throwing Barney’s ass in the harbor come this next revolution!
You see, Mr. Paulsen, I recently spent a ton of money bailing out relatives from their mortgage. So, just send me a check, leave it blank, I’ll figure out a suitable amount to fill in.
So this must be the post-bailout bailout.
I suppose I can count on a post-bailout of the post-post-bailout of the bailout.
How far up our wazoos will they stuff it? The voices of the many don’t seem to be heard through the gimme gimme of the AIG party chant.
Damn, my house is paid off, can I have a new bass boat Mr. Hankey?
Wow, that must have been some staff party at AIG. Wonder where they’ll go with the extra bail-out money. Geneva?
Henry Paulson. Pat Paulsen.
Ya think?
Question: what happens in 10, 20, 50 years from now when AIG (or any of these bailout whores) does this again? Do we have to bail them out again?
I think the money should come along with a stipulation. If you screw up again and cause this type of problem, again, all corporate officers go to jail for life and all of their property (everything - houses, cars, tvs, clothes, etc.) gets sold. Their families get to start at the bottom. Which is where these scum belong anyway.
Desert Lover,
Yea…send them to Sheriff Joe…let them live in tents and eat baloney sandwiches. Let them work the chain gang…pick up litter along the highway! Country Club living in the AZ desert!
Imagine you have an old beater of a car (as many of us who are responsible in our finances do.) You have the normal wear and tear breakage, but you start having problems with the engine….problems with the transmission…problems with the wiring….and then discover the frame is rotted out and it’s going to collapse at any minute. The sensible person would size up the car when the first major problems occur, determine if it was worth fixing vice buying another car, and then make a decision based on common sense and what they could afford. In much the same way our system of economics is failing, yet the government is going all out to plug the leaks without addressing any of the structural failings, and the leaks are getting bigger and more numerous every day! The democrat answer to everything is to throw money at it; the RINO answer is pretty much the same, and I won’t bother with what Mr. I-reach-across-the-aisle-without-courtesy-of-a-reach-around thinks other than to mention the abysmal idea of buying up crap mortgages and then “adjusting” the principal, thus making every taxpayer in America lose more money. The government needs to stop, let the mismanaged companies fail, and take the consequences as they come. Throwing good money after bad never solved anything, and how are we to know but what AIG will probably throw a “thanx suckers” party in Disneyland for an encore? Maybe they’ll invite their favorite senators as well…I understand Disney has a “gay day” which should bring no end of joy to barney frank. Zero accountability and wild spending without oversight into doomed companies with ceo’s on the take is going to have much worse consequences in the end than if the government had wisely let capitalism run its’ course, and now it’s too late. Democrats, Bush and corporate hucksters have delivered maximum pain at 10 cents on the dollar, yet none of them will be called to account, leaving the rest of us to hold the bag…..
fmfnavydoc
my sentiments exactly … are you aware that the only time each day that they get coffee is at breakfast and the rest of the meals they get kool aid? … lunch is bologna sandwiches or peanut butter and jelly sandwiches … seriously … the Dems should feel right at home …
Is there something going on that the American public is not privy to?
Sure there is. They is why they keep us sedated with American Idol and Dancing - so most people will not care.
I’ll begin the list.
1. Why “tax free day” just went from May to November.
1. Why “tax free day” just went from May to
NovemberJanuary, there fixed it.Or maybe they should get this:
http://www.spraypaintstencils.com/a-zlistings/prison-bars-image.gif
On-my-soap-box said:
I’ll begin the list.
1. Why “tax free day” just went from May to November.
2. You will need to be 73 to receive Social Security.
3. The fed will need to hyper-inflate in order to pay off the debt.
4.
4. Why your an idiot for paying your mortgage
On-my-soap-box said:
I’ll begin the list.
1. Why “tax free day” just went from May to November.
2. You will need to be 73 to receive Social Security.
3. The fed will need to hyper-inflate in order to pay off the debt.
4. Why your an idiot for paying your mortgage
Fixed your list for ya
Here’s a few thoughts.
1. Do away with congressional retirement. Make them actually go out and get jobs instead of being on the federal budget for life.
2. Do away with multiple retirements. Much as I liked Ford, he got a retirement for being a rep, a senator, a veep and a prez…and NO ONE is worth that much money.
3. Make them pay for their own medical care, just like so many of us have to do.
4. Do away with all public financing of campaigns.
5. Pass a law that no one who serves in congress may become a lobbyist, and that no immediate family member be a lobbyist.
6. Pass a law that corporations can donate to parties, not individual members.
7. Pass a law that congress can lower taxes on a business or industry if need be, but no more bailouts…they’re so big on darwin, let’s see some “survival of the fittest” for a change.
8. Make it so the president and supreme court have oversight over penalizing congressmen who break the above laws. When I hear “congressional ethics committee,” it reminds me how countries like iran and syria wind up chairing human rights committees…obviously they can’t self police themselves, and it’s for d-sure we can’t trust them to do it.
While some have been running around yelling “Ooga Booga”, we have sought out others who are still contacting Congress with thoughtfully considered advice.
If it is at all possible to subdue the maniacs in Congress long enough to listen to reason, before the Bush/ Paulson plan actually causes a depression that need not occur, there are important messages Congress must see, such as The “Genesis” Plan,
HERE;
http://www.denninger.net/letters/genesis.pdf
I guess they needed a little extra to leave a tip after their trip to the spa….
After all, the AIG execs can afford to reach deep into our pockets and be generous.
Independent Voter,
The LAST think Congress wants 30 days before the election is for us to stop and think about the problem. They must scare the heck out of every nitwit in America to insure that Obamassiah is elected.
WarEagle82,
What if we, the grown ups, did not allow “them” to “scare the heck out of every nitwit in America?”
What if “We the People” scared the heck out of “them” instead?
But, we must ALL be “United”, is that possible?
guess AIG needed the money to pay for all those executive pedicures at the California resort this week.
Well, they know they can scare enough people. Fear, uncertainty and doubt. The FUD factor. There are enough ignorant people on the voter registration roles who can be scared. You and I won’t be among them but Ohio has proved they will let anyone vote whether they live in Ohio or are even Americans.
They control most of the mass media and have proven better at getting out their propaganda. They can sell the big lie while we go door to door hoping to get someone to listen. Right now they are more effectively selling their message. Of course, they are using OUR money to sell it…. Just too few people realize it.
BTW, can you say “ooga booga?” Isn’t that racist? I mean if the “H” name is off limits then “ooga booga” certainly has to be.
Hitcharide, only one hitch (no pun intended) with your ideas for new rules - the legislators make laws for the legislators. Citizens are not allowed to make laws until they take over, and that would be a nasty ordeal.
I am convinced even more than ever… George Bush wants the democrats to take over… he knows it is a guarantee that 50-90 million illegals will get Amnesty and I think that was his sole purpose for going to Washington.
George bush hates Black people??? NO!!
George Bush hates American Citizens…IMO
Who is next? I think my simple request for 180,000 should be next.
Just so there’s no doubt:
“AIG” really stands for…
“A**holes In Goverment”
If that is true, McCain and the GOP are playing their roles in the conspiracy absolutely flawlessly.
Bravo. Well said.