Fed Gives AIG An Additional $37.8 Billion In Aid

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.

Read the whole story here.

Comments

[mamacat]

Are we all invited to the next 1/2 million dollar retreat they hold for their honchos?

[PDXTransplant]

Why don't we all just quit our jobs and stop paying taxes. I'm done.

[AnotherMike]

Sounds like some CEO's needed a few more spa treatments...

Enjoy! It's coming out of my and my children's future income, what do you care!?!

[gretchenart]

That is what happens when a private bank runs the money supply. They can spend all our money but have no accountability! Congress does not control the Fed.

[lvdragonlady]

What the Fed should be doing is taking OUR money back from AIG.
They obviously do not give a flying **** about America or it's people, it is all about the money.
No sooner do they get a cash infusion, then they run to a spa and waste almost half a mil on their sorry @$$e$.

[bpowell1]

I totally agree with you. We have got to get those Republicans out of everything. Their greed has destroyed this nation. There let the free market run and leave it be. Well let's leave it be now. This is ridiculous. They took away all of those deruglations and we are now paying for it. And McCain agreed to all of that. Ridiculous.

[TrooAmerican]

Why dont we just give AIG the whole $700billion bailout account and let them party with it?
cuz they'll just rebuild all the rich people's homes on Hurricane alley's coastline, and that way we know the taxpayers have again paid for corporate and rich people's welfare like its supposed to be.

Just keep takin from the poor, give to the rich, over and over.

[one4obama]

Would SOMEONE - ANYONE, please tell me where the Fed's are going to keep coming up with this money to bail/give aid to?

I am tapped out - all I have left is my blood and they are not getting that!

Here we are bailing out Wall Street, the Dow continues to close lower daily, yet our government stills sees a need to spend, spend, spend.

That is what got us into this mess to begin with (that and greed).

Yet here they are, spending yet again, like all they have to do is just print this money up without any collateral to back it up.

Can someone please tell me what kid of a kick back is Georgie and his cronies getting for doling out all this money to big business? It better be a lot, cause they will need it to hire the best lawyers around to defend them when they are brought up on charges too numerous to cite here.

[bpowell1]

It's magic money. It'snot real. They need to allow the market to fall in order for it to come back up. Stop just throwing all of this fake money at the problem. We are going to be in trouble.

[Amishguy]

The blatant corruption and lawlessness that caused this mess still proceeds with the greatest of strength. It amazes me that they are allowed to continue to shove this up the behind of all of us. I fear we are nearing the breaking point, not out of choice but because soon most Americans will have nothing left to lose. When that comes i think we will be headed for either revolution or total anarchy or a combination there of. The greed of a few will result in the fall of many if not all of us.

God help us all.

[sonoffestus]

Nothing left to lose, was once described as freedom...............Yeah, that's what the republicans are doing , giving us our freedom. Geez, and they didn't even have to bomb us.....yet.

[sonoffestus]

Dude, where do you get in line?.............................WTF? I am at the laughing stage. is this a Fellini film?

[MissTristate]

LOL!!!! I am thinking the same thing. Aren't they the same people wwho just took a vacation on OUR MONEY???? Wow, this has become so overwhelming that it is laughable. You never want it to get to this point. Lehman bros also admitted that they knew their company wasn't in good financial condition but continued to distribute millions in bonuses. SMH (shaking my head) and smirking. WTF?

[Thomei]

Those executives were placed in positions of power and their salaries were always padded with luxury items. Now that they have proven themselves even more inept by sqandering nearly 1/2 million dollars of taxpayer money on an unnecessary lavish vacation, they should be forced to put back into the company everything they took out and more. All their homes, yachts, vehicles, vacation properties, and other assets should be siezed and sold to the highest bidder, with the money going back into the company. They need to FEEL what the ordinary American feels when they find their 401K is gone and their plans for retirement have evaporated.

[Tom95134]

Congress should drag Paulson and those SOBs from AIG back up on the hill to explain why the Fed is doling out an additional $37b while AIG holds $500,000 parties at some exclusive California retreat.

[MissTristate]

Congress is too busy putting their kick back money in their overseas accounts..........if this doesn't prove to you that there is something illegal going on then you need the thickest glasses available to man kind.

[thegreatgiginthesky]

This is insanity. We're paying so that executives can go to a spa and take a break from their "hectic" days? These people need to be horse whipped.

[justdisbelief]

Headlines of the future:
With these additional funds top executives of AIG plan their new luxury retreat by taking an all expense paid two week caribbean cruise! Plans call for an additional request for funds when they return from the cruise because executives have more extravagant trips planned.

[jdw1981]

Pedicures are so expensive!!

Seriously, I believe these people should be IMPRISONED and if Senator Obama looks the other way once he becomes President, he's complicit in their activities and as big a crook as they are.

[sonoffestus]

I never had a pedicure, how many toes can be done with 37 billion? A chicken in every pot and a pedicure for every home, yeah that's the fix!

[ElectricEye]

How about giving them long prison sentences instead of more money, you morons.