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Unreal.
The Federal Reserve just agreed to hand over $37.8 billion to vile insurance giant American International Group. You know, to go along with the $85 billion loan bestowed to the troubled insurance screw-ups last month? According to CBS :
Under the new program, the Federal Reserve Bank of New York will borrow up to $37.8 billion in investment-grade, fixed income securities from AIG in return for cash collateral. These securities were previously lent by AIG's insurance company subsidiaries to third parties.
What does this mean for you? It means no one will help you out with all the debt you accrued at Saks for Men, even though you totally needed those shoes, bottle of YSL's M7, and those inane Prada charms to adorn your new cell phone, even though you totally mean to pay it all back, but, well, just can't.
In related news, check out the awesome vacation AIG ilk recently had at the St. Regis resort in Monarch Beach, California. A few tidbits: $200,000 dollars for rooms, over $150,000 for meals, $23,000 in spa charges, and $7,000 for golfing. (In their defense, that new St. Regis in Dana Point is quite spectacular.)
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Great timing, in light of this breaking news item:
http://rawstory.com/news/afp/AIG_execs_massage_away_the_stress_a_10072008.html
thanks, lawdog. i completely forgot! will add.
AIG is too big to fail, and we'll prove it!
Isn't it ironical that W came in under a mandate to make gubmint smaller yet one of his final acts has been to nationalize the financial system. The biggest leap this country has ever had toward socialism was made by a GOP prez. The world is full of serendipity, and your bank will soon be on strike.
And AIG sponsor Utd. So they can stuff this loan up their Manc-loving arses as far as I'm concerned. Suck it Rooney!
please explain to me why we're not stringing these guys up in the streets? seriously.
The US taxpayers are quite literally on the hook for these shenanigans now, after the recent nationalization. So we really should be asking the American International Group to save a few bucks for a while.
How about making them all take Amtrak and use the US Postal Service? At least then federally owned companies, and by extension the taxpayers, will get the benefits of their spending.
I think maybe I should become an artist. That way, when all of this is over, at least I will be a starving artist, instead of just a starving unemployed idiot with no retirement.