So AIG gets more of our cash today! Another 38 billion!

[lonestarnot]

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.

During a hearing before the House Oversight committee on Tuesday, it was revealed that 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, The Post's Peter Whoriskey reported today.

http://voices.washingtonpost.com/livecoverage/2008/10/government_to_give_aig_more.html

[dailykoff]

1. Thanks God it passed!

:applause:

[lonestarnot]

2. This bailout was a different bailout. LOL

:rofl:

[dailykoff]

3. But equally deserved.

Like the next one, and the ones after that.