Comrade Bush to nationalize peoples glorious AIG
http://money.cnn.com/2008/09/16/news/companies/AIG/?postversion=2008091620
NEW YORK (CNNMoney.com) -- The federal government is reportedly on the verge of taking over crumbling insurer American International Group in an $85 billion deal that would leave the company in the Federal Reserve's hands.
According to published reports late Tuesday, officials decided they must act lest the nation's largest insurer file bankruptcy. Such a move would roil world markets since AIG (AIG, Fortune 500) has $1.1 trillion in assets and 74 million clients in 130 countries.
The plan calls for the Federal Reserve to take an 80% stake in AIG, the New York Times reported. The insurer's assets would be used to secure the loan. Investors' holdings would lose much of their value.
Holy 401(k) Batman! I always thought capitalism was "He who lives by the invisible hand will die by the invisible hand". But with Bush it's "He who lives by the invisible hand fills in that whole where the gold used to be with tax dollars and keeps the gold and dies by... shit, look at all my shiny gold"
NEW YORK (CNNMoney.com) -- The federal government is reportedly on the verge of taking over crumbling insurer American International Group in an $85 billion deal that would leave the company in the Federal Reserve's hands.
According to published reports late Tuesday, officials decided they must act lest the nation's largest insurer file bankruptcy. Such a move would roil world markets since AIG (AIG, Fortune 500) has $1.1 trillion in assets and 74 million clients in 130 countries.
The plan calls for the Federal Reserve to take an 80% stake in AIG, the New York Times reported. The insurer's assets would be used to secure the loan. Investors' holdings would lose much of their value.
Holy 401(k) Batman! I always thought capitalism was "He who lives by the invisible hand will die by the invisible hand". But with Bush it's "He who lives by the invisible hand fills in that whole where the gold used to be with tax dollars and keeps the gold and dies by... shit, look at all my shiny gold"