AIG Gets Another Bailout

falcon · 03-02-2009, 04:05 AM

Way to go Obama-NOT!!!

AIG got heavily involved ina new kind of "insurance;" Credit Default Swaps.A Credit Default Swap, or CDS, is essentially insurance on debt. Problem is that there was nothing backing it.US financial gurusare trying desperately to keep CDS from tanking; probably to no avail.

Quote:

WASHINGTON "“ The government will give AIG another $30 billion "as needed" as the company announces a $61.7 billion loss.

The government on Monday unveiled a revamped rescue package to insurance giant American International Group. 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 sell to repay the government on its existing aid package, which totals some $150 billion.

Centauri · 03-02-2009, 12:46 PM

Our last bailout for them worked great![>:] Let em fail.

falcon · 03-02-2009, 03:16 PM

Quote:

Our last bailout for them worked great![>:] Let em fail.

i do not understand the mentality of political hacks who givemoneyto insurance companies, credit card companies and investment banks. Small bankscannot getmoney to loan while the Wall St. fat cats arewallowing like pigs in hoarded government money.[:@]