AIG hits up Fed for more money

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)

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)

Maybe they need to stay away from those fancy resorts in California.

That would be a way to save some money.

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]

what is sickining is they will give it to them.
is aig ceo in the skulls and bones?

Beware the military/industrial regime. Eisenhower prophesied it 60 yrs ago. It would seem he was on the mark. These jokers probably head to Mortons and laugh as they see all the foreclosed signs in front of houses.
But their tosies feel fine after the spa.

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]

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."

This is obscene. WE are losing are savings, OUR FRIGGIN DREAMS WHILE THEY PARTY AND THEN GET MORE BILLIONS OF DOLLARS

Yes....it is most definitely time to handcuff the people.

IF you see the congressmen or women that approved the bail out arrest them! Detain them until you can get their hands behind their back. You can use cuffs or zip ties. Hold them, until you can organize a trial of peers. DO NOT TRUST THE LOCAL GOVERNMENT TO DO ANY OF THIS only trust yourself and your community. Because you know the government only slaps billionaires on the wrist and spa retreats.

Handcuff the criminals!



[edit on 8-10-2008 by titorite]

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 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 to post by titorite


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

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

Oh! Oh! Oh! I had to quote for truth!

And what will happen from all this? We will shake our collective fist, scream of the injustice, and then go back to watching Survivor.

Or not. Maybe we will take the recommendation above and arrest the criminals who dared to think it was their duty to "do what's best" for us, and NOT to represent our will.

Man, if *I* see any of MY reps, be assured, I WILL arrest them. (Not that they're likely to come diddybopping through the boonies in central NY state, mind you...but IF!)

Originally posted by Amaterasu

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

Oh! Oh! Oh! I had to quote for truth!

And what will happen from all this? We will shake our collective fist, scream of the injustice, and then go back to watching Survivor.

Or not. Maybe we will take the recommendation above and arrest the criminals who dared to think it was their duty to "do what's best" for us, and NOT to represent our will.

Man, if *I* see any of MY reps, be assured, I WILL arrest them. (Not that they're likely to come diddybopping through the boonies in central NY state, mind you...but IF!)

For now , the law is not on the side of the people. Obviously one scale is being used for these bankers with ivy league degrees and another scale is being used for the real people. People should collect names, pictures and make scrap books of these arrogant people. Detail their crimes and all the victims particularly the children and the old people who will be impoverished by these men. The regime which is protecting them will not last forever.

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]

wow $37.8 billions! no wonder AIG executives are celebrating by spending $440,000 in a resort for spas & wine and dine. Well Done.



[edit on 8-10-2008 by roche]

[edit on 8-10-2008 by roche]

Revolt for heavens sake.
c'mon, how can you idly sit there and let them take your savings, your 401's and all you do is winge and moan on an internet forum.

THATS YOUR MONEY!

If my manager refuses to pay me, i grab him by the scruff of his neck and make sure he never threatens me and my money again.

I cant believe so many of you are still letting them do this.

take your weapons and march on these banks.
these criminals are blatantly robbing your country blind, and leaving you bankrupt, while they take your money and party.....

disgusting, sicking.. i cannot describe how I feel right now.

Not for the fact they are doing it, but for the fact youve become so spineless your allowing them!


Congress is worthless, there's no point in playing politics of 'phoning your rep' because as this bailout proves, what ever congress throws down, the government will force through and implement anyway.

People, the time for politics is gone, its time to do what your FOREFATHERS DID!

they are banking on you playing politics, the longer this goes, the easier it is for them.

for christ sakes DO SOMETHING BEFORE THEY TAKE US ALL DOWN!

[edit on 8-10-2008 by Agit8dChop]

Given the shady practices, this company most likely see the bail out as free money so they are headed back to the trough for more. My bet is that very little of the loan will return to the government. Once the head men get enough money the company will probably go under.

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.

Ok, since no one responded to my direction to other threads, I will explain the resource-based economy...

All systems in the past and present were based on the idea that one had to labor to support oneself. In turn, one had either things/skills to barter with, or one received a token of perceived value that one could use to purchase things one needed (money).

Only now do we have the technology to change that. If all drudge jobs are given to robots, then human individuals are freed to follow their bliss.

If robots/computers are building, tilling, weeding, harvesting, packaging, accounting, transporting, distributing, manufacturing, cleaning, fixing (things and themselves), and so on... Not only will there be an abundance for all (there already is plenty for everyone, just VERY badly managed), there will be no need for money.

Greed is spawned out of a scarcity paradigm. If the paradigm is one of abundance, greed becomes meaningless.

And so... Humans are freed to do what they individually LOVE to do, with no worries about how they will acquire food, clothing, shelter, love, tools.

And so, we sit looking at a choice. Keep up with slaving and (imposed) scarcity, or focusing on automating everything no one wants to do. (Toilet-cleaning robots! Yay!)

We sit at a fork in the road. Which way will we choose?