Wednesday, December 10, 2008

AIG Needs Another $10 Billion

"Black Hole AIG Needs Another $10 Billion

After all the money AIG's had shoveled at it, why does it need another $10 billion? Because, as the Wall Street Journal reports, the money its gotten from the government are supposed to pay off its bad CDS bets -- essentially, the money went to retiring the underlying CDO --- but it's also stuck $10 billion on what were just bad bets, not necessarily designed to help clients manage risk."

So YOUR TAX DOLLARS for YOUR MORTGAGE RESCUE are going for executive bonuses and to COVER BANK LOSSES? Is that what you were told the "bailout" was for, AmeriKa?