AIG Vaporizing (Even More) Money

Wow! I must say, I am shocked! Shocked! that the government is handing AIG even more money (up to 150 billion now…and there will be more). What is delicious about this article in Bloomberg is the way it is spun, it will “allow the government time to make some money on the deal.” Hahahahahahahaha. Very funny. The terms of the deal were extended because it was obvious to all parties that AIG wasn’t going to meet the original terms. Yahoos!

“It makes a lot of sense to renegotiate the terms,” said Andrew Kligerman, a New York-based analyst at UBS AG, in an interview before the disclosure. By giving AIG more time to sell units, the government “has a better opportunity to recover its capital,” he said.

Yeah, right. Let me offer you some swampland in Florida to “recover your capital” Mr. Bush.

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