AIG May Get A New Teat

Surely you remember AIG, the giant insurance compnay that made many bad choices in the markets and then got lots of our money to help them pull through there illness.  Remember?

If you have forgotten the company, do not worry they are about to get a new taxpayer teat from which to suck more of our money.  Reuters had a report:

Insurer American International Group Inc’s  once-desperate financial state has started to stabilize, a government agency said on Monday, as an influential lawmaker said he would look at easing the terms of the insurer’s federal bailout once more.

AIG, the recipient of billions of dollars in government support, started to show signs of stabilizing in mid-2009, as financial markets improved, congressional investigators said in a report on the status of the government’s assistance to the company.

The insurer was rescued by the government in September 2008, after losing bets that it made on the U.S. housing market threatened to drive the firm into bankruptcy.

Rep. Edolphus Towns, a Democrat who chairs the Government Reform Committee, told staff to take a look at a proposal from former AIG Chief Executive Officer Hank Greenberg that could make it easier for the insurer to repay federal obligations, a committee spokeswoman told Reuters on Monday.

The proposal would cut the government stake in AIG from the current 80 percent and trim interest rates on AIG’s government loan. It also would extend the term of the loan, giving the company more time to repay.

Now are you not pleased that I have found and told you about the next big screwing the taxpayer will be taking?  Ask yourself, has the government done anything to make you debt repayment lighter?

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2 thoughts on “AIG May Get A New Teat

  1. Ahhh, but have no fear! I assure that while you and I are trying hard to make ends meet AIG’s top execs, past and present, will be getting huge bonuses that you and I will be funding. I have no doubt Secretary Geithner will come up with a plausible explanation why that is fair.

    1. I am always happy to have new readers and I hope you will visit often….so thanx freedomcost….it amazes me that any help the Main Street gets has to go thru the Congress and that whole circus, but all AIG will need is one guy to wave the magical wand and taxpayers money flows will wine and they will get a new lease on life and the public gets a huge throbbing screwing…….

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