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October 09, 2008

What's Another $37 Billion Among Friends?

I mean, really, it's beyond parody

NEW YORK (CNNMoney.com) -- The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.

In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.

The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.

I guess they have a few more spa visits coming up.

Posted by Mr. Bingley at October 9, 2008 09:03 AM

Comments

Nah, they can't quite squeeze half a spa visit out of $37.8 billion, poor things.

Posted by: Retread at October 9, 2008 12:16 PM

Only $37B? Why not give them $50B, Rhode Island, and every child born on October 10th, 2008?

Posted by: Tainted Bill at October 9, 2008 02:22 PM

Either that, or they've found new land to build more vacation homes.

Posted by: don at October 9, 2008 04:53 PM

If I legally change my name to AIG does anyone think that I could snag a few million?

Posted by: Gunslinger at October 9, 2008 05:56 PM

Like, you should have thought of that a couple WEEKS ago, duh...?

Posted by: tree hugging sister at October 9, 2008 06:36 PM

How do you turn a $150 Billion yearly budget surplus into a $500 Billion yearly deficit. Elect republicans.

Posted by: Mary Loo at October 10, 2008 03:09 AM

"How do you turn a $150 Billion yearly budget surplus into a $500 Billion yearly deficit. Elect republicans."

How do you turn a $500 billion yearly deficit into a $150 billion yearly surplus? Raid the social security system, gut the military to the bone and cook the books like the democrats.

Posted by: Gunslinger at October 10, 2008 05:56 AM

Mary Loo - more accurately, "Elect Congress." All appropriations bills originate in the House, which has not been Republican controlled in some time now. Not that the Republicans haven't gladly gone along for the ride, but it's not simply "Bush BAD!" I mean, one may as well blame the Yankees - the economy was JUST FINE until those LAZY BASTARDS missed the playoffs!

And who's the GM over there? Brian CASHMAN???? Hmmm, what a coincidence....

Posted by: nightfly at October 10, 2008 10:22 AM