Also see: AIG to Receive $38 Billion More Taxpayer Dollars
"AIG may tap third US fund source" by Bloomberg News | October 18, 2008
NEW YORK - American International Group, the insurer bailed out by the United States, may seek a third source of government cash by tapping a Federal Reserve program that buys commercial paper, a person familiar with the matter said.
AIG probably will borrow less than $10 billion through the new commercial paper program, said the person, who declined to be identified because no agreement had been reached. AIG has already used two-thirds of its $122.8 billion credit line in the past month to cover bad bets made on the US housing market.
Can I get a bailout for my football picks?
A third loan would add to evidence that an emergency $85 billion lifeline from the Fed on Sept. 16 and a $37.8 billion facility last week weren't enough to satisfy the New York-based insurer's need for cash. Chief executive Edward Liddy is trying to sell units including US life insurance, plane leasing, and consumer finance operations to repay the debt.
"We've got a plan that will allow us to repay the Fed loan and emerge as a strong international property-casualty insurer with a presence in international life insurance," said AIG spokesman Nicholas Ashooh. The Fed said last week it will create a special fund to buy commercial paper, seeking to unblock the financing that drives everyday commerce for American businesses.
What, after they worked so hard freezing it up?
U.S. Banks Driving Credit Crunch ON PURPOSE!!
America Never Had a Chance
Oh, I'm sorry, America; I forgot Bush and Paulson are WORKING FOR YOU on this thing, and that everything they are doing is to SAVE YOU!!!!
Government-Funded Golden Parachutes
Healthy Banks to Get Bailout Bill Loot
What, no help for homeowners? How's that stick in the ass feel, AmeriKa!!!!!!!
The insurer is using the federal money to cover shortfalls caused by credit-default swaps, losses in its securities-lending program, and its inability to get cash through the private commercial paper market.
Translation: It is YOUR MONEY that is BAILING THEM OUT, taxpayers!!
Also see: The Birth Pangs of the Amero
Where is YOUR BAILOUT, huh?
Swaps, contracts bought by banks and other investors to protect against default, plunged in value as the assets they guaranteed declined. AIG agreed Thursday with New York Attorney General Andrew Cuomo to halt a $10 million severance payment to chief financial officer Steven Bensinger. The insurer promoted David Herzog to CFO to oversee the plan to pay off its debt. --more--"
Just the IDEA of a $10 MILLION SEVERANCE tells you this thing was a BAD IDEA!
There is NO REMORSE from LOOTERS, AmeriKa!
They just WANT MORE, even after having RAPED YOU and left you LYING THERE BLEEDING FROM THE ASS!!!!!!
And AMERICANS TAKE IT -- in fact, they WANNA BELIEVE in the GOODNESS of George Bush!!!!!
Just ask any of them; they want to BE POSITIVE, thinking the market will RETURN to NORMAL -- despite ALL the EVIDNECE to this being a MANIPULATED and INTENTIONAL CRISIS!!!!
Yup, LEAVE YOUR MONEY with the MONEY MEN who have SERVED YOU SO WELL and DIDN'T LIE TO YOU!!!! How is that BOWL OF SHIT THIS MORNING, America!??
