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And, yes, I DO take it personally: No two ways about it, this is just plain wrong
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Tuesday, September 16, 2008

No two ways about it, this is just plain wrong

i thought the fed had said no... obviously, the fed isn't yet through screwing the american people... we must still have a drop of blood left in our veins...
Fed Close to Deal to Give A.I.G. $85 Billion Loan

In an extraordinary turn, the Federal Reserve was close to a deal Tuesday night to take a nearly 80 percent stake in the troubled giant insurance company, the American International Group, in exchange for an $85 billion loan, according to people briefed on the negotiations.

In return, the Fed will receive warrants, which give it an ownership stake. All of A.I.G.’s assets will be pledged to secure the loan, these people said.

yeah, well the bank consortium loan fell through, so, instead of letting yet another gaggle of greedy sons-of-bitches go down the toilet like they should, you and i are going to be providing the bailout...
The Federal Reserve and Goldman Sachs and JPMorgan Chase had been trying to arrange a $75 billion loan for A.I.G. to stave off the financial crisis caused by complex debt securities and credit default swaps. The Federal Reserve stepped in after it became clear Tuesday afternoon that the banking consortium would not be able to complete the deal.

Without the help, A.I.G. was expected to be forced to file for bankruptcy protection.

The need for the loans became necessary after the major credit ratings agencies downgraded A.I.G. late Monday, a move that likely to have forced the company to turn over billions of dollars in collateral to its derivatives trading partners worsening its financial health.

Until this week, it would have been unthinkable for the Federal Reserve to bail out an insurance company, and A.I.G.’s request for help from the Fed of just a few days ago was rebuffed.

did i mention that this really sucks big-time...?

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