This is disgusting. AIG has not acted responsibly, taking a retreat for employees after taxpayer money bailed them out. All this while my mom, who was set to retire soon, lost a big chunk of her retirement. These crooks should be arrested!!!
On Oct 8, 8:02�pm, "\"Lone Wolf\"" <[EMAIL PROTECTED]> wrote: > AIG May Get $37.8 Billion From Fed for More Liquidity (Update1) > > By Scott Lanman and Hugh Son > > Oct. 8 (Bloomberg) -- The Federal Reserve will provide as much as > $37.8 billion in additional liquidity to American International Group > Inc.'s regulated insurance units after rescuing the company with an > $85 billion loan last month. > > The Fed board used emergency powers to authorize the New York Fed to > borrow up to $37.8 billion in investment-grade, fixed-income > securities from AIG in return for cash collateral, the Fed said in a > statement. The action will help AIG ``replenish liquidity'' and > provide ``enhanced credit protection to the New York Fed and U.S. > taxpayers,'' the Fed said. > > Chief Executive Officer Edward Liddy, appointed by the U.S. to run the > firm, has been trying to sell units to repay the original loan, which > he had said was big enough. AIG, running short on cash after three > quarterly losses of more than $18 billion, agreed Sept. 16 to a > government takeover in which the U.S. received a 79.9 percent stake. > > The collapse of the New York-based insurer was the subject of > Congressional hearings yesterday, which triggered criticism of the > company for spending $440,000 on a California conference at a > beachside resort less than a week after AIG was rescued. > > To contact the reporters on this story: Scott Lanman in Washington at > [EMAIL PROTECTED]; Hugh Son in New York at [EMAIL PROTECTED] > > Last Updated: October 8, 2008 17:10 EDT --~--~---------~--~----~------------~-------~--~----~ Thanks for being part of "PoliticalForum" at Google Groups. For options & help see http://groups.google.com/group/PoliticalForum * Visit our other community at http://www.PoliticalForum.com/ * It's active and moderated. Register and vote in our polls. * Read the latest breaking news, and more. -~----------~----~----~----~------~----~------~--~---
