Gee, who'd have thunk worthless paper was ... well ... worthless. Throw the bums out.
Posted on 10/05/2008 8:02:11 AM PDT by TigerLikesRooster
A.I.G. Uses $61 Billion of Fed Loan
By MARY WILLIAMS WALSH
The American International Group said on Friday that it had already drawn down $61 billion of the $85 billion emergency bridge loan it received from the Federal Reserve two weeks ago, an announcement that startled credit ratings agencies.
The emergency loan was supposed to buy the company time to sell its troubled assets in an orderly manner. But the sell-off has not yet begun, and now the insurer faces the additional pressure of trying to sell the businesses at a time when potential buyers are having trouble borrowing money.
Moody’s downgraded A.I.G.’s senior unsecured debt on Friday and said it might downgrade other types of the company’s debt, which could make it more expensive for A.I.G. to borrow money and do business.
(Excerpt) Read more at nytimes.com ...
Why should potential buyers compete with the Government?
you can coun't on it. And then we will be able to say to every "Told ya so, now keep your hands off my wallet."
burning a hole in their pocket
I bet you are right. That 700B bailout will be urinated away quicker than the aftermath of a frat party.
Business Socialism stinks no matter how or why it is done
True. Bankruptcy is best for an over bearing elitist who believes no it is above any law. The US Treasury and ultimately the taxpaying public will not see any profit from this “rescue”. It will see only more debt.
That money will not exist until it is gone.
When are people going to wake up and realize no amount of tax payer money is going to fix the problems our economy is having?!?
And the more money we throw at this the deeper in the hole we get. Our government is going to end up destroying the dollar, and when that happens all hell is going to break loose.....
The $700 billion will be spent before we can borrow it!
And soon we will hear, "Please sir, can I have some more?"
That’s 85 billion we’ll never see again.
“A.I.G. is required to pay back its borrowings from the Fed within two years. “
Unless, of course, those responsible scatter and AIG goes belly up.
Watch them ask for more before that happens, though, since our leaders are giving away the farm.
The money is good as gone.
We shall be forced by circumstances to go back on the
gold standard!
Gee, who'd have thunk worthless paper was ... well ... worthless. Throw the bums out.
That’s 85 billion we’ll never see again.
Your right however we still have to repay the loan back to China.
Yes, but just think of all the money those wall street call girls have been making.
They have already assumed that position.
At least the call girls are getting paid. Wall Street’s doing it to us, and we’re paying them for the privilege.
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