Wednesday, October 8, 2008

Oh, by all means give AIG more money

You have got to be kidding me.
AIG, the insurance giant bailed out last month for $85 billion of our tax dollars. The same AIG whose executives ran up a $400k week at a swank resort a week later.

Yep, according to the AP, the NY Federal Reserve is loaning them an additional $37.8 Billion dollars.

From the article...
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.

Wow. What a time to be a failure.

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