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.)