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.

categories Uncategorized | | datetime October 9, 2008 9:03 am

8 Responses to “What’s Another $37 Billion Among Friends?”

  1. Retread says:
    October 9, 2008 at 12:16 pm

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

  2. Tainted Bill says:
    October 9, 2008 at 2:22 pm

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

  3. don says:
    October 9, 2008 at 4:53 pm

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

  4. Gunslinger says:
    October 9, 2008 at 5:56 pm

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

  5. tree hugging sister says:
    October 9, 2008 at 6:36 pm

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

  6. Mary Loo says:
    October 10, 2008 at 3:09 am

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

  7. Gunslinger says:
    October 10, 2008 at 5:56 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.

  8. nightfly says:
    October 10, 2008 at 10:22 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….

Image | WordPress Themes