AIG needs bailout money [Archive]

TexasDevilDog

03-02-2009, 04:15 AM

DEJA VU x3

WASHINGTON (AP) -- The government has revamped its rescue package to insurance giant American International Group and will provide the troubled company another $30 billion.
The new package comes as the company has burned through cash and has been unable to find buyers for pieces of its company that it hoped to sells to repay the government on its existing loan package, which totals some $150 billion.

Kind of like the bee trying to get through the window glass, bumping his head saying, "Maybe this time, this time, this time, this time, this time, ...."

8mpg

03-02-2009, 08:10 AM

I see GM/Chrysler headed in the same direction

stocksilver02

03-02-2009, 08:17 AM

What ever happened to the first bailout money? Execs partied up and need more for more parties? Greediness at its finest! :censored:

cannonball996

03-02-2009, 09:08 AM

the problem with AIG is that they insure investments, and they can not make money until the investment markets come around.

AL P

03-02-2009, 09:21 AM

My understanding as of a few months ago.... the problem is that they insured CMBS securities. If they go under then their policies become worthless and all of a sudden banks have to write the value of the securities down. Hundreds of banks go instantly insolvent and by federal law have to be taken over by the FDIC.

stocksilver02

03-02-2009, 10:52 AM

The hell with them then! They made that choice, we didn't.

TexasDevilDog

03-02-2009, 10:53 AM

Even if we had let AIG faile last fall and 3 million people were impacted, we could have given $50,000 to each of them and been where we are today. With AIG reporting a loss of $62 Billion last quarter, I know this is not the last money we will give them.

cannonball996

03-02-2009, 12:38 PM

AIG impacts more then just 3 million people, they work with banks, firms, and other businesses. the difference between AIG and the automakers is that AIG is actually doing quite well in everything else it does. their problem is they insure peoples and companies investments, and when the dow drops 7000 points they have to pay out to anyone they cover.

thesource

03-02-2009, 01:43 PM

More great news !!!

TexasDevilDog

03-02-2009, 05:09 PM

AIG impacts more then just 3 million people, they work with banks, firms, and other businesses. the difference between AIG and the automakers is that AIG is actually doing quite well in everything else it does. their problem is they insure peoples and companies investments, and when the dow drops 7000 points they have to pay out to anyone they cover.

The big point is, how much do we want to throw at a company that is bankrupt? The amount is equal to the amount of socialism you want.