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Oops. That $123 billion may not be enough, AIG says
October 27th, 2008, 1:15 pm · 5 Comments · posted by Teri Sforza, Register staff writer
In less than six weeks, American International Group burned through more than $90 billion of the $123 billion lifeline extended by the federal goverment, figures released by the Fed late last week show.
And it may, um, need more.
AIG Chief Executive Edward Liddy said last week that he was trying to “stop the bleeding,” and that he hoped - but was not certain - that $123 billion would be enough.
Oy. Read the Reuters story here and thestreet.com’s article here.
More Watchdog:
- AIG suspends controversial executive payouts worth millions
- Invisible sponsor of OC wine event: AIG
- AIG calls off lobbyists, cancels events totalling $80 million
- Truth or dare? AIG ordered to bare all its secrets
- AIG’s “outrageous expenditures” cause more trouble
- AIG subsidiary parties in style in OC, two weeks after bailout
- AIG’s St. Regis blowout bill: $443,344
- Saturday Night Live skewers AIG excesses
- Obama on AIG’s $400,000 party: ‘Fire the scoundrels!’
- Yet another AIG subsidiary parties hearty days after bailout
- Cartoon zinger lampoons AIG bailout
- Prez didn’t push for bailout so execs could get facials
- Behind the AIG party: A look at the St. Regis
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As Obama said sometimes you have to fire executives and demand money back and allow Companies to fail and put 120,000 people out of work.
Looks like the Fed are starting on the Commercial Paper.
Should we allow Companies to fail and put more people out of work as Obama wants or help these Companies and Joe the Plumber?
Joe the Plumber for president - I see it already, Alan…!
AIG deserves to fail. Good riddance, kiss off and don’t let the door hit you on the way to the gutter. Boo Frickin hoo.
Let them fail and put them all out of work. Then they can pay for weekends at the St. Regis with their unemployment checks while they last.
Let AIG fail and send all of those incompetent free-spending thieves hit the unemployment line.
Why AIG was chosen to be rescued is beyond me when all of these other banks/BDs were going under but it’s now pretty evident that AIG should have been let go.
AIG went to the Fed and told them that after betting the farm and losing, they want an $85 Billion dollar bailout to stay in business. Just out of curiosity, if those bets had paid off, would we have seen any dividends? I think not.
AIG then has the nerve to go back to the Fed and ask for another $40 Billion because apparently, not even AIG’s senior management can read their financial statements anymore. And we were dumb enough to give them more money without any controls or safeguards.
Then news breaks that AIG has been continuing on with their lavish parties, spas, and hunting trips now that the doors are still open thanks to the taxpayers. When public outrage is voiced, AIG initially shows their true colors by thumbing their collective noses at us and telling us that they have no plans to stop their partying ways. They even consider spending some of the (undisputed) taxpayer money on an Ad campaign to justify their arrogance!
Now they want us to keep the door open for even more money? And just when does our investment in AIG begin paying off?
This is like any other BAD trade, you sell the investment and cut your losses. AIG obviously can’t survive on it’s own and has no intention of being honest about how dire their situation truly is so it is time to let them fail.