AIG hits up Fed for more money, page 1
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Topic started on 8-10-2008 @ 05:35 PM by anachryon

AIG hits up Fed for more money


money.cnn.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.
(visit the link for the full news article)


reply posted on 8-10-2008 @ 05:35 PM by anachryon
This now makes $146 BILLION that AIG has had to borrow in less than a month from the Fed. How much money do they have to lose to be forced into bankruptcy? How long will we continue to feed money into an obviously dying machine?

AIG was hit hard this year due to
credit default swaps. I find it interesting that Lehman Bros' debt will be valued on Friday, 10/10; AIG is heavily intertwined in Lehman CDS and will find themselves owing a good chunk of change in the next couple weeks.

It seems a convenient time to seek out a loan for nearly $38B.

money.cnn.com
(visit the link for the full news article)


reply posted on 8-10-2008 @ 06:00 PM by infolurker
Yeah,

I would think that a company would "suspend" bonuses, unneeded travel and parties in this situation... what a shame.

www.abcnews.go.com...

(Resort bills obtained by Congress from the resort showed AIG spent $23,000 on charges from the spa and salon. There was no immediate response to Liddy's letter from the office of Rep. Henry Waxman (D-CA), who chaired the congressional hearings on AIG yesterday.

"It's very much accepted practice in the insurance business, especially to reward high-performing individual agents," said AIG spokesperson Nicholas Ashooh. "It's still painful and it's been very distressing to our employees.")


WELL, It has been painful and distressing to the rest of us as well you criminal f!!!s!



[edit on 8-10-2008 by infolurker]


reply posted on 8-10-2008 @ 06:09 PM by Grey Magic
yes this was expected, they couldn't even fully pay their 440K party bill

they were around 40K short

www.abovetopsecret.com...

like I said before, you give em a finger and they take your hand, arm, body, mind, soul

[edit on 8-10-2008 by Grey Magic]


reply posted on 8-10-2008 @ 06:29 PM by nj2day
I honestly cannot believe that half of this stuff is happening.

Think about this:

The economy tanks as a result of our leaders in congress for the past 30 years slowly acting on our best interest and deregulating the financial industries.

THEN, the Government starts doling out funds to save companies against what the taxpayers want... (ever wonder why Lehman was the only institute allowed to go bankrupt? could it be that the Treasury Sec. used to work for Lehman's biggest rival?)

But all that money isn't enough, so we got to get a bail passed in congress that gives the Treasury almost dictatorial power, and give him 700 billion to do with as he pleases. all this against the taxpayers desires.

AIG is too big to fail? WTF? why is it too big to fail? its better to save an insurance company at the expense of bankrupting the government? What? are we trying to ensure that there aren't any monies left for humanitarian aide after the economic downturn becomes a depression?

I am so fed up with this. I am thinking about starting a website and posting the declaration of independence... then checking off the complaints our forefathers had vs what the gov't is currently doing to us...

this is lunacy.

Sorry for the rant, but holy crap... I can't deal with it anymore...

I'll just close with this quote from our declaration...

"But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security."



reply posted on 8-10-2008 @ 07:41 PM by eradown
reply to post by anachryon

This is surreal. People who worked hard, were responsible, paid their taxes and invested in 401k's have had almost everything stolen from them. Families with children are about to loose their jobs and be thrown into the street. These AIG people are going to resorts ,having manicures, and when they come up short Uncle Sham comes to the rescue again.


reply posted on 8-10-2008 @ 08:11 PM by Skydancer
reply to post by skeptic1



No kiddin, I'm wonder if they needed more funding to help defray the additional tips and taxes before being fined by Congress for cheating.

I really believe after today the American Citizen will scream bloody murder
to demand the money be given to the tax payer to bail out the public.



[edit on 8-10-2008 by Skydancer]


reply posted on 8-10-2008 @ 08:29 PM by Taledus
reply to post by titorite



STAR!!! Best way to deal with the people out of all the information being posted that I have heard.


reply posted on 8-10-2008 @ 10:12 PM by Amaterasu
reply to post by eradown



Well... I am of the opinion that there IS a solution. Have you checked out this thread:

www.abovetopsecret.com...

Also (related), the new Zeitgeist film in this thread:

www.abovetopsecret.com...

This latter one is 18 pages long, but my assessments begin around page 10...and I run defense from that point on... [grin]

[edit on 10/8/2008 by Amaterasu]



reply posted on 9-10-2008 @ 07:47 AM by Taledus
reply to post by Agit8dChop



Revolt...by doing what? Gather up and go into the streets? No one dares offer an idea of what to do for the simple fact people out there will shoot them down...we are Americans...everyone is so used to thier Latte's and the next American Idol that they would not give all this luxury up just because people are making bad mistakes that do not effect the normal person...yet anyways. By the time someone does realize just how bad everything actually is, they will have no power to do anything with.

Aside from that my whole family is going to make it the rest of the year then see how the government does without our money...I feel if there was a massive group effort to not pay taxes, it would definately hurt them in the long run! But, everyone is going to want that refund check...which by the way things are looking does not appear like people will get what they are used to. They won't do anything but whine about it!

No one is going to gather groups of people to be united for a cause...you might get a few areas that maybe have a few dozen people working together, but that would not last long. Nor would the government allow for massive protests. I believe if everyone just sat down for a week, and I mean everybody, then the world would feel something, but no one would be willing to sacrifice a paycheck and have a few others work who arent on board with the plan. Not to mention jobs here in TN are so scarce that if every employee at a company sat out for a week, it would take just 1 day for the company to have every position filled again, and the people on protest would be SOL.
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