Welfare queen with their hand out......

[marmar]

AIG takes two-year $85 bln credit line from N.Y. Fed

By Robert Daniel, MarketWatch


TEL AVIV (MarketWatch) -- American International Group Inc. definitively agreed to take a two-year $85 billion revolving-credit facility from the Federal Reserve Bank of New York.

"AIG made an exhaustive effort to address its liquidity needs through private-sector financing but was unable to do so in the current environment," chairman and chief executive Edward M. Liddy said in a statement late on Tuesday.

"This facility was the company's best alternative."

AIG is one of the major financial firms whose difficulties or failures prompted the U.S. government to create a $700 billion financial-market rescue.

The announcement of the new credit line for AIG came as the Associated Press was reporting that the Federal Bureau of Investigation is looking into potential fraud at mortgage giants Fannie Mae and Freddie Mac, the investment bank Lehman Brothers and at AIG. Read the article.

On Sept. 16, the government took control of AIG, agreeing to lend the firm $85 billion in return for a 79.9% equity interest.

And indeed, as part of the credit line, AIG said on Tuesday it will issue convertible preferred stock to a trust that will hold the stock on behalf of the U.S. Treasury. .......(more)

The complete piece is at: http://www.marketwatch.com/news/story/aig-definitively-agrees-85-bln/story.aspx?guid=%7B4113C031%2DA937%2D41F5%2DAC3F%2D5AB965B2FCFF%7D

[Fresh_Start]

1. clearly there's a toon in there somewhere

only this time the projects can be complaining about the welfare queens on wall street

[DCKit]

2. With a slightly different caption, it would be perfect:

[Fresh_Start]

3. without our $700 billion check from the taxpayer

we'd have to consider selling our ski house and our beach house and our weekend house