Facials for everyone! Manicures, too! And pedicures! Fuck it, let's just buy ourselves a spa, then we can get little pick-me-ups whenever we want!
Press release from the Federal Reserve:
For immediate releaseThe Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG), under section 13(3) of the Federal Reserve Act.
Under this program, the New York Fed will borrow up to $37.8 billion in investment-grade, fixed-income securities from AIG in return for cash collateral. These securities were previously lent by AIG's insurance company subsidiaries to third parties.
As expected, drawdowns to date under the existing $85 billion New York Fed loan facility have been used, in part, to settle transactions with counterparties returning these third-party securities to AIG. This new program will allow AIG to replenish liquidity used in settling those transactions, while providing enhanced credit protection to the New York Fed and U.S. taxpayers in the form of a security interest in these securities.
Posted by guest , Oct 08, 2008 4:43PM
First for facials!
Posted by guest , Oct 08, 2008 4:49PM
So did they take the rest of the equity for this?
At this point let's just start calling it the U.S. Department of Insurance and Annuities and get over with it already.
Posted by guest , Oct 08, 2008 4:50PM
Who heads the U.S. Department of Facials?
Posted by guest , Oct 08, 2008 4:51PM
Press Release
Federal Reserve Press Release
Release Date: October 8, 2008
For immediate release
The Federal Reserve Board has authorized the Federal Reserve Bank of New York to borrow securities from certain regulated U.S. insurance subsidiaries of the American International Group (AIG), under section 13(3) of the Federal Reserve Act.
Under this program, the New York Fed will borrow up to $37.8 billion in investment-grade, fixed-income securities from AIG in return for cash collateral. These securities were previously lent by AIG’s insurance company subsidiaries to third parties.
As expected, drawdowns to date under the existing $85 billion New York Fed loan facility have been used, in part, to settle transactions with counterparties returning these third-party securities to AIG. This new program will allow AIG to replenish liquidity used in settling those transactions, while providing enhanced credit protection to the New York Fed and U.S. taxpayers in the form of a security interest in these securities.
Posted by guest , Oct 08, 2008 4:53PM
I am glad to provide a facial for anyone
_Moneygrip wisdom
Posted by guest , Oct 08, 2008 4:53PM
@3
Palin
Posted by guest , Oct 08, 2008 4:55PM
@3 - Lewinsky, duh! (Or Maria Bartiromo if you dare go there)
Posted by guest , Oct 08, 2008 4:58PM
@7 Its funny because it's true
Posted by guest , Oct 08, 2008 5:09PM
I proposed the establishment of the following agency:
Bureau of In-Kind Asset Consolidation and Exploitation (BUKKAKE)
Posted by guest , Oct 08, 2008 5:10PM
Hooray that London continues to be the primary financial centre of the world. (or in American, 'center' - however American is in fact not an Internationally recognised language)
Posted by guest , Oct 08, 2008 5:11PM
Methinks some hair-removal has been requested to improve conditions for those with their tongues and noses firmly implanted in the AIG orifices
Posted by guest , Oct 08, 2008 5:13PM
10 - Ha ha ha ha haha! Just wait for it, buddy.
Posted by guest , Oct 08, 2008 5:15PM
@ 10 -- yeah right, as soon as all you wankers get your money outta that fish-head bank (ICESAVE)
so
phuckn
pwn3d
Posted by guest , Oct 08, 2008 5:15PM
at this point firing the 2 clowns in charge of this comedy is the best thing for them. some legal action could follow.
Posted by guest , Oct 08, 2008 5:18PM
I am the CEO of a hedge fund, what is AIG?
Posted by guest , Oct 08, 2008 5:18PM
brilliant comeback.....William Shakespeare would be proud - that is called irony - which by the way is not something you get done to your shirty.
Posted by guest , Oct 08, 2008 5:18PM
#3 That would be "Dick" Cheney.
If I ever meet the person who came up with the idea of "borrowing" illiquid securities in exchange for "collateral" comprised of cash money, I will kick them square in the 'nads. I mean, seriously. The NYFRB is "borrowing" from AIG? Have you people no shame?
Posted by guest , Oct 08, 2008 5:27PM
@13 Whoever put their money in 'ICESAVE' - obviously were the the 1% of the UK population that I'd equivalise with 'Hicks' in the U.S (i.e without a passport) - who I believe make up about 70% in the US - including Sarah Palin - thank god she won't get in - otherwise it might take 6 weeks for her first foreign visit while her passport is processed......'Is this you?????'
Posted by guest , Oct 08, 2008 5:33PM
@13 ha ha - your Mom has no passport
Posted by guest , Oct 08, 2008 5:34PM
sickest spin ever... they spin it like the fed is borrowing crap from AIG - oh thank you AIG for being so kind as to lend the fed your dogshit under some crapass repo agreement...
Posted by guest , Oct 08, 2008 5:35PM
@18 - 13 is a hick....love it..so true
Posted by guest , Oct 08, 2008 5:49PM
I'm curious, what kind of training does one need to become a serious "spin meister"?
Posted by guest , Oct 08, 2008 5:57PM
Hey Bess,
Start a thread on possible recession-resistant jobs for all of us. My suggestions:
1. Democrat congressional representative
2. Mary Kay salesperson
3. Malt liquor salesperson
4. Stripper
Posted by guest , Oct 08, 2008 6:19PM
@23
Why not all 4? The free enterprise system in action!
Posted by guest , Oct 08, 2008 6:47PM
the only way out of this is to have Erin Callan blow me again. In return, I'll make a PowerPoint as to why AIG is a buy.
XOX,
Einhorny
Posted by guest , Oct 08, 2008 7:03PM
@23- I remember when Texas went in the shitter about 1987.... you could get Houston housewives to blow you for $10.... $5 if you didn't wipe your wienus on their curtains afterwards
Posted by guest , Oct 08, 2008 7:29PM
I purchased a new car in 2001 which was a lemon. In April 2007, the vehicle malfunctioned and I hit a tree head on and sustained serious head injuries. I was issued a citation for the accident, and went to court and the Judge found me NOT RESPONSIBLE. AIG would not take the Judge's decision, and is charging me $300.00 per month for insurance. I will be walking now, due to the fact that I cannot pay $300.00 per month for automobile insurance.
cmw99us@yahoo.com
Posted by guest , Oct 08, 2008 7:35PM
@18 - I'd like to know what percentage of "world traveler" euro trash has never been outside of europe? Traveling across europe is no major feat.
Posted by guest , Oct 08, 2008 8:07PM
This is really getting out of hand. Let these dumb ass MFs burn!
The Other Guy from Delaware
(Yes. I'm back. In your face. Wall Street fuckwads.)
Posted by guest , Oct 08, 2008 8:15PM
I am very upset. The Bell & Ross pilot watch I bought last year at Kenzo on 57th for $3200 I sold to the guy repo'ing my jag for $150.
Posted by guest , Oct 08, 2008 8:45PM
This market collapse is getting ridiculous:
http://www.upzero.com
Posted by guest , Oct 08, 2008 8:53PM
#30. does he know what you sold him?
Posted by guest , Oct 08, 2008 9:51PM
This tells the world that neither the Fed nor the Treasury has any idea about AIG's books.
And Paulson was asking us for $700billion. Scary ain't it?
November can't come soon enough for Paulson the bird watcher.
Posted by guest , Oct 08, 2008 10:39PM
When did the Fed hire Baghdad Bob to do their PR?
Posted by guest , Oct 08, 2008 10:43PM
What is going to left for the bond holders?
Posted by guest , Oct 08, 2008 10:51PM
1,000,000,000,000 dollars ($1 trilliion) - Jail Time
300,000,000 US People and lets assume only 200,000,000 US People are tax paying citizens and / or US Citizens
Divide the 1,000,000,000,000 dollars
among the 200,000,000 US People
that is $5000 per person.
The Bill passed closer to more that closer to $1.7T therefore each person would get about $8500 if it was distrubuted equally to the people
I think that is more fair than a single company to get $0.7T. I have family members who worked for AIG, and my father will stop getting his pension by the end of 2009 even with the bail out. My brothers and sister only has 5 more years to get a pension.
Yet, yesterday (the day after the bail out) AIG executive were in San Diego at a day spa. Someone has to go to jail. One previous exec got $40M for leaving, one current exec who was in san diego is going to get $7M for being in AIG for 3 months.
Oh did I mention One AIG executive and Benjamin S. Bernanke was in China during the Olympics...before Bernanke was said 'My company will bail you out' (single quotes means that it is my own interpertation)...His company the US Federal Reserve.
Benjamin and this One AIG executive went to college together. The good old boys club.
http://www.hoovers.com/aig/--ID__10095,target__executive_list--/free-co-samples-index.xhtml
Posted by guest , Oct 08, 2008 10:52PM
1,000,000,000,000 dollars ($1 trilliion) - Jail Time
300,000,000 US People and lets assume only 200,000,000 US People are tax paying citizens and / or US Citizens
Divide the 1,000,000,000,000 dollars
among the 200,000,000 US People
that is $5000 per person.
The Bill passed closer to more that closer to $1.7T therefore each person would get about $8500 if it was distrubuted equally to the people
I think that is more fair than a single company to get $0.7T. I have family members who worked for AIG, and my father will stop getting his pension by the end of 2009 even with the bail out. My brothers and sister only has 5 more years to get a pension.
Yet, yesterday (the day after the bail out) AIG executive were in San Diego at a day spa. Someone has to go to jail. One previous exec got $40M for leaving, one current exec who was in san diego is going to get $7M for being in AIG for 3 months.
Oh did I mention One AIG executive and Benjamin S. Bernanke was in China during the Olympics...before Bernanke was said 'My company will bail you out' (single quotes means that it is my own interpertation)...His company the US Federal Reserve.
Benjamin and this One AIG executive went to college together. The good old boys club.
http://www.hoovers.com/aig/--ID__10095,target__executive_list--/free-co-samples-index.xhtml
Posted by guest , Oct 09, 2008 1:32AM
I thought I read that some female french official begged them to save AIG.
Geez, can't believe anything you read anymore?
Posted by Blabrmouthcom , Oct 10, 2008 1:55AM
Not sure who got the facial, them or us.