Just wrong - AIG gets more $$$ from gubbmint YOU AND ME!

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There needs to be a line drawn somewhere and soon... From the Washington Post:
AIG Gets More Government Bailout Cash
Only one day after it was revealed that AIG had sprung for a $440,000 spa vacation shortly after getting an $84 billion government-loan bailout comes this report: The government is loaning AIG another $38 billion.

AIG, the world's largest insurer, said it has already drawn down $61 billion on its $84 billion line of credit from the government. AIG's financial products division got into the mortgage-backed securities market and incurred billions in losses, sending the entire company teetering toward bankruptcy. The $84 billion loan was meant to help prop up AIG.

The New York branch of the Fed Reserve will borrow $37.8 billion in investment-grade securities from AIG in exchange for the cash.
And meanwhile, in another story at the Washington Post:
AIG Spa Trip Fuels Fury on Hill
Pressing Executives to Concede Mistakes, Lawmakers Blast Them About Bonuses

For some people at AIG, the insurance giant rescued last month with an $85 billion federal bailout, the good times keep rolling.

Joseph Cassano, the financial products manager whose complex investments led to American International Group's near collapse, is receiving $1 million a month in consulting fees.

Former chief executive Martin J. Sullivan, whose three-year tenure coincided with much of the company's ill-fated risk-taking, is receiving a $5 million performance bonus.

And just last week, about 70 of the company's top performers were rewarded with a week-long stay at the luxury St. Regis Resort in Monarch Beach, Calif., where they ran up a tab of $440,000.
And the politicians are actively rewarding this kind of activity by bailing them out when they dig themselves into a hole? $440K works out to a couple bucks under $900/day per person. That is a lot of room service and mini-bar patronage... When I read that 59% of the American Population wants to replace Congress, my immediate thought is what the @#$% is wrong with the other 41%?

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This page contains a single entry by DaveH published on October 8, 2008 9:38 PM.

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