The shamelessness of the Globe and its corpor-centric point of view agenda-pushing gets to be a bit much after a while.
"Mass. recoups $340m in losses" by Casey Ross, Globe Staff | March 17, 2009
State agencies in Massachusetts have recouped more than $340 million they invested with American International Group, but it is unclear whether the state has additional money tied up with the troubled insurance giant.
Wouldn't it have been better if the leeches hadn't gamed and ripped us off in the first place?
AIG disclosed that Massachusetts public agencies were among dozens of entities nationwide to be reimbursed by the firm after it received an $85 billion emergency loan from the Federal Reserve last September. The funds were returned after AIG's financial distress triggered contract provisions allowing investors to get their money back.
Officials in the office of state Treasurer Timothy Cahill said they are not certain which Massachusetts agencies were invested with AIG. That's because many agencies operate independently of the treasurer's office and make their own investment decisions, they said.
WTF? This state is so f***ed up!
The agencies invested with AIG through a vehicle known as a guaranteed investment agreement, which functions much like a certificate of deposit issued by a bank. Typically, government entities use such vehicles to invest proceeds from bond offerings until the money is needed to pay for construction projects and other capital needs.
Public doesn't get a better interest rate than that?
