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Author Topic: Fed Agrees to Loan AIG ANOTHER $37.8B  (Read 3013 times)

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Offline Willow

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Fed Agrees to Loan AIG ANOTHER $37.8B
« on: October 09, 2008, 07:05:56 AM »
CHARLOTTE, North Carolina —  The Federal Reserve on Wednesday agreed to provide insurance giant American International Group Inc. with a loan of up to $37.8 billion, on top of one made to the troubled company last month.

Under the new program, the Federal Reserve Bank of New York will borrow up to $37.8 billion in investment-grade, fixed income securities from AIG in return for cash collateral. These securities were previously lent by AIG's insurance company subsidiaries to third parties.

The arrangement will help AIG secure funds on an as-needed basis, the New York-based insurer said in a statement


http://www.foxnews.com/story/0,2933,434749,00.html :banghead: :bawl: :censored:
« Last Edit: October 09, 2008, 11:18:11 AM by Thor »
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Offline Lord Undies

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Re: Fed Agrees to Loan AIG $37.8B
« Reply #1 on: October 09, 2008, 07:48:30 AM »
Because of the font I'm using the amount in the post title looked like $37.88.  I got exciting thinking the feds were being sarcastic. 

The reality, though, is sickening.  I've heard about "deep pockets", but the phrase doesn't seems to apply to the "feds".  "Pockets", no matter how deep, implies there is a bottom to be reached.   
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Offline Willow

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Re: Fed Agrees to Loan AIG $37.8B
« Reply #2 on: October 09, 2008, 07:51:04 AM »
they (the feds) did this after they found out about the nearly half a million dollar spa spree.  :censored:
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Offline DumbAss Tanker

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Re: Fed Agrees to Loan AIG $37.8B
« Reply #3 on: October 09, 2008, 08:54:16 AM »
Let's not all just go apeshit because it involves AIG, the Fed, and money.  It may or may not be a sound transaction on its own merits, I don't know; but no private sector borrower would be loaning them this kind of money even if the collateral was gold bars delivered to the lender.   
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Offline NHSparky

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #4 on: October 09, 2008, 11:13:50 AM »
So do you guys think this is a worthy investment?

LINK

Quote
Oct. 8 (Bloomberg) -- American International Group Inc., the insurer facing criticism for hosting a $440,000 event at a California resort less than a week after a federal takeover, plans another gathering for its brokers at a Ritz-Carlton hotel next week.

The event, in Half Moon Bay in northern California, is designed to ``motivate and educate'' about 150 independent agents that sell AIG coverage to high-end clients, spokesman Nicholas Ashooh said. ``These sorts of sales meetings are an essential function,'' he said. ``We have them around the world all the time.''

About 50 AIG employees will also attend the meeting. Ashooh said he didn't know the cost of the event or whether the agents AIG is hosting would stay overnight.


BTW--your "basic" room there goes for $469 a night.  Golf can be had for around $190.  Whatta bargain.
« Last Edit: October 09, 2008, 11:18:43 AM by Thor »
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Offline DumbAss Tanker

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #5 on: October 09, 2008, 11:23:47 AM »
Quote from: NHSparky on October 09, 2008, 11:13:50 AM
So do you guys think this is a worthy investment?

LINK
 

BTW--your "basic" room there goes for $469 a night.  Golf can be had for around $190.  Whatta bargain.

Unbelievably bad idea to go through with it, they dumbshits should have cancelled it and taken the hit on what they were obligated for instead of going through with contracts undoubtedly set a few months ago.  Their version is that it was for independent agents who actually generated positive revenue, not their employees, but even if they may be correct in some major part of their version, it was killer bad PR to go through with it.
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Offline Willow

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #6 on: October 09, 2008, 11:27:43 AM »
If I wanted to spend my money on a 500 dollar a night room, I'd take a vacation.
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Offline Hawkgirl

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #7 on: October 09, 2008, 11:47:39 AM »
They cancelled at the Ritz :whatever:

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Offline Chris_

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #8 on: October 09, 2008, 01:53:33 PM »
Quote from: Hawkgirl on October 09, 2008, 11:47:39 AM
They cancelled at the Ritz :whatever:



The rooms at the Waldorf Astoria opened up.
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Offline freedomlady

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #9 on: October 09, 2008, 10:39:50 PM »
Quote from: Willow on October 09, 2008, 11:27:43 AM
If I wanted to spend my money on a 500 dollar a night room, I'd take a vacation.

To me that's more than a vacation - that would be like winning the lotto!  The bums at AIG don't deserve their jobs and the government just letting them do this is outrageous!  They need to set rules - no bail out money when you go play with the tax payers money.  But we all know that's not happening any time soon!   :argh:
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Offline Zeus

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Re: Fed Agrees to Loan AIG ANOTHER $37.8B
« Reply #10 on: October 09, 2008, 11:02:19 PM »
seriously you folks need to get out in the business world. This is nothing out of the ordinary. I think y'all are mesmerized by the $$ figures. Keep in mind we aint talking Eddie of Eddies muffler taking his distributer Joe of Joes Jobbing to a titty bar for a night of drinks and titties. It's economy of scale.

Seriously,If you put all the time,effort & work into nailing down a numberous multi-millon dollar Insurance policies I bet you going to expect a little more appreciation than a coupon for a free Happy meal at McDonalds.
« Last Edit: October 09, 2008, 11:06:38 PM by Zeus »
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