After Billions Taxpayers’ Bailout, AIG Executives Party at A Luxury Hotel
By Daniel at 8 October, 2008, 6:07 pm
WASHINGTON (MarketWatch) — The Federal Reserve announced Wednesday it was lending billions of additional funds to cash-strapped American International Group Inc.
Under the program, the New York Federal Reserve Bank will provide $37.8 billion in additional cash to certain domestic life insurance subsidiaries of AIG.
AIG already has an $85 billion line of credit with the Fed. As of last week, AIG had used $60 billion of this loan, according to Fed data.
This new program will allow AIG to replenish liquidity, the Fed said. At the same time, the securities will provide enhanced protection to U.S. taxpayers, the central bank said.
AIG came under fire in Washington this week as members of Congress, the White House and Democratic presidential candidate Barack Obama said the firm should not have spent $200,000 on an expensive retreat at a luxury hotel after receiving the government bailout. AIG said the event was for independent life insurance agents, not for AIG executives.
Guess they don’t need to worry about payroll or thier bottom line with the Feds paying all the bills now.
I need to get a job over at AIG… they have a sign that says “Now Hiring”. 
(I’m serious about the Now Hiring sign btw)
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