Posted on 09/16/2008 6:20:00 PM PDT by markedmannerf
WASHINGTON - The U.S. government has agreed to provide an $85 billion emergency loan to rescue the huge insurer AIG, the The Federal Reserve said Tuesday. The Fed said the U.S. Treasury Department was in full support of the decision.
The Fed determined that a "disorderly failure" of AIG could undermine already fragile financial markets.
The government will receive an 79.9 percent equity stake in AIG, the Fed said
(Excerpt) Read more at news.yahoo.com ...
And the roll towards communism continues apace.
This doesn’t seem to make any sense. There is talk of the government getting warrants on the company’s stock, which may actually appreciate. They seem to actually believe there is a chance to 1) get their (our) money back and 2) make a profit.
Weird.
Good grief. Let them fail, you dolts.
AIG is so interrelated with providing coverage to other insurance companies, I am not completely surprised.
You have got to be kidding. When is the American taxpayer going to revolt and say enough? What’s next? Are there any companies left out there that aren’t “too big to fail”? If the local pizza joint goes belly up do I get to contribute to their rescue as well?
Does this mean that Congresscritters will stop trashing insurance companies now? After all, if it’s government owned, it must be perfection itself.
nuts
Glad I threw their constant junk mail in the garbage.
We are now a socialist country. Complete with a nationalized insurer and central planning of the financial system.
I want interest on my loaned out money. Pay me directly via direct deposit.
Anyone else...?
paulson was very adamant that merrill lynch and lehman bros would not get federal assistance.
i wonder how he spins this.
What happened after the Feds took over Fannie Mae? The Demoncrats tried to make it easier for people to fight foreclosure and in effect, void the contract law governing mortgages - in order to garner more votes.
Next they will try to play with AIGs policies and contracts to make them more "fair".
1. We're owners of AIG’s Gulf V. I'm gonna see if it's available for my 21st wedding anniversary this weekend. My wife will be so excited. I could never have anticipated being a 1/300,000,000 share owner of my own jet.
2. I'm weary of paying my mortgage so I'm calling Sec. Paulson to see if I can get you suckers (I mean taxpayers) to foot the bill.
C’mon, look at the bright side.
And yet the executives who took millions upon millions from these companies will not have to pay back a single dime.
The wife asked what will this do to the mortgage loan requirements. I said, “Nothing.” The reason is that executives know they can rob a company of its riches, do nothing to ensure it success, and the result will be no skin off their nose and millions in their pockets. They will revert back to the bad practices that put them where they are at because it worked this past time.
It worked that way with Chrysler almost 30 years ago. And it is their money. The Fed does not receive appropriations from Congress.
Uh, no.
Welcome to the People’s State of America.
Socialism USA.
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