Well, well, well. You lying murdering Lyme creeps lost one of your whores, eh, Chucky-Mo? AIG? Heh, heh, heh....
- From: Mort Zuckerman <morph410@xxxxxxxxx>
- Date: Tue, 16 Sep 2008 16:40:03 -0700 (PDT)
http://www.nytimes.com/2008/09/17/business/17insure.html?hp=&pagewanted=print
Will the Greenbergs get to keep their personal assets?
I DON'T THINK SO....
LOL
The New York Times
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September 17, 2008
Fed Close to Deal to Give A.I.G. $85 Billion Loan
By MICHAEL J. de la MERCED and ERIC DASH
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.
The Fed’s action was disclosed after Treasury Secretary Henry M.
Paulson and Ben S. Bernanke, president of the Federal Reserve, went to
Capitol Hill on Tuesday evening to meet with House and Senate leaders.
Mr. Paulson called the Senate majority leader, Harry Reid, Democrat of
Nevada, about 5 p.m. and asked for a meeting in the Senate leader’s
office, which began about 6:30 p.m.
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.
But with the prospect of a giant bankruptcy looming — one with
unpredictable consequences for the world financial system — the Fed
abandoned precedent and agreed to let the money flow.
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