AIG, according to Braunie — dead horse we’re forced to throw money at, with no end in sight,… "criminally insane." – Ilene 
AIG Bailout #2, Here We Come!
AIG will receive additional federal assistance of up to $30 billion as part of a revamped government bailout, The Wall Street Journal’s online edition reported Sunday, citing unnamed sources.
This morning details of what the next Government (taxpayer) bailout of American International Group (AIG) will look like are beginning to unfold. Also tomorrow morning (AIG) is expected to announce the largest corporate loss in United States history.
(AIG’s) Board of Directors are being called to a special Sunday night meeting to vote on another rescue for the company.
Information coming off the wires…
BOARD TO VOTE ON NEW BAILOUT PACKAGE THAT WOULD EASE THE TERMS OF THE BAILOUT!
– The revised (AIG) agreement is expected to include an additional equity commitment of about $30B, more lenient terms on an existing preferred investment, and a lower interest rate on a $60B government credit line
– The new equity commitment would give (AIG) the ability to issue preferred stock to the government at a later date
– (AIG) will also give the Federal Reserve ownership interests in American Life Insurance (Alico), which generates more than half of its revenue from Japan, and Hong Kong-based life insurance group American International Assurance Co (AIA) in return for reducing its debt
– (AIG) may also securitize some U.S. life insurance policies and give them to the government to further reduce its debt.
I think our great Government is really trying to find a way to put the taxpayer squarely at risk for taking the hits on these so called toxic assets by spinning some nonsense about getting a great deal on their value. Twenty five cents on the dollar are some numbers currently circulating. Check out this article “propping up a house of cards”. It seems surreal and amazing that our Government poured 250 billion into (AIG)…a quarter of trillion dollars to save this company. It is a penny stock for god sakes and (AIG) is just an empty shell. Throwing money at this dead horse every other month is insane. Continuing to change the rules to the game daily to keep this dead horse standing upright is criminally insane! What about the reckless ‘brightest minds’ at (AIG) who took on the risky bets? Don’t you think they should bear some culpability for their company’s failure?
