Friday, October 31, 2008

The AIG Debacle

This news has made it to the front pages, but is still important enough to cover.  According to the linked NY Times article, in a matter of 1-2 months, AIG has spend most of the $123 billion bailout money it received from taxpayers.  

http://www.nytimes.com/2008/10/30/business/30aig.html?bl&ex=1225598400&en=e57c35561d503060&ei=5087%0A

But the latest news from today show that not only did AIG blow through most of the $123 billion bailout.  They are getting another line of credit for $21 billion!!!!

So you must be asking yourself why are we giving so much money to AIG?  Why don't we let them fail?  It turns out that there is more to the AIG implosion than what most people know.   In the linked video of CNBC's Fast Money, there is a small little segment where one of the show's hosts, Karen Finerman, reveals something that is of interest between Goldman Sachs and AIG. She doesn't go into much detail around the 6 minute mark of the video, but she does state that there is some sort of interest that binds AIG with Goldman Sachs.







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