That is "never throw good money after bad" and don't ever give away money for nothing in return. The government is doing exactly that with these bailout companies who have in turn abused the money as most of the others have as well. Just as AIG did by blowing a half million on their little on the sly spa getaway after the first 83 Billion, not million, that became public to their surprise, and now their back for more crack.
Just the crack addicts and the permanent welfare class of Americans of all colors that the government created in the New Deal part one with Roosevelt, and now the new class of under underclass citizens who I guess we'll call the under underclass who will develop under these new irresponsible "Obama Handout" years that we'll all be supporting for the next half century if we don't die from working for free under the government while doing so.
Just look at this ad used by AIG before the bailouts :(here's the full piece)
That looks like a photoshop after what we now know about these companies and how they've crumbled under poor leadership and criminals stretched from their home office all the way tto Washington DC. To make that ad even more funny and yet sad here's the text I chopped off to make it load faster:That was before Obama and his Apostles got a hold of them and this is now, another 30 billion not million, coming from you, your children, grandchildren and I today. Where does it all end? In total societal collapse which isn't far away with this guy at the helm being danced like a puppet by liberal loons named Pelosi and Reid.When you need insurance, loans and retirement solutions, you need the AIG companies. With over $700 billion in assets and 50 million customers and 85 years of experience, you'll rest easier knowing that we have the strength and experience to help secure your family's financial future.
AIG May Get $30 Billion in Additional U.S. Capital (Update2)
Bloomberg.com: Worldwide: "March 1 (Bloomberg) -- American International Group Inc., the insurer deemed too important to fail, may get a commitment for as much as $30 billion in new government capital after a record quarterly loss, said two people familiar with the matter.
The insurer may also be allowed to make lower payments on government loans, said the people, who declined to be identified because there was no public announcement. New York-based AIG may forfeit part of stakes in its two largest non-U.S. life insurance divisions to lower the firm’s debt, the people said."
AIG, first saved from collapse in September with a package that grew to $150 billion, had to restructure its bailout after failing to sell enough units to repay the U.S. Firms including banks relied on AIG to back more than $300 billion of assets through derivative contracts as of Sept. 30, making the insurer a “systematically significant failing institution” that has to be propped up, according to the Treasury.
“The government has accepted all the downside with little chance of upside,” said Phillip Phan, professor of management at the Johns Hopkins Carey Business School in Baltimore. “They are trying to protect the global financial system from a complete meltdown.”
AIG, which agreed in September to turn over an 80 percent stake to the government, is set to announce a fourth-quarter loss of about $60 billion tomorrow, according to three people familiar with the matter. The company’s board was scheduled to meet today to vote on the revised bailout, according to two other people familiar with the matter.Continued at the Credit Rating section
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