The Truth Tracker

“Tracking The Truth, Because the Mainstream Media Won’t”

$85 Billion wasn’t enough for AIG.

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Folks it seems that AIG getting bailed out last month wasn’t enough.  So now our fearless leaders have decided to throw away another $37.8 Billion of our hard earned dollars.

I’ve seen this a few places but I’m giving this (hat tip to Conservartive Belle).  Below I’ve shown you just a small portion of what she has covered over at her spot!!!

A.I.G. Gets Another $37.8 Billion from the Fed?!!

So A.I.G. has already used $61 billion of the Fed loan they were given two weeks ago. This was done by October 3rd. And apparently they have exhausted the rest of the $85 billion they were promised. Because today the Fed is giving them another $37.8 billion.

The money will be used to settle existing transactions related to its securities lending business. Under that program, A.I.G. lent out securities to investors and others receiving both the value of such securities and a fee in return. The insurance giant then took the funds and placed them in other investments like mortgage-backed securities.

Now that the value of mortgage-backed securities has plummeted, A.I.G. does not have the money to repay those who are returning borrowed securities. As a result, the central bank is stepping in to take those securities and provide A.I.G. with cash to meet its obligations.

God Bless,

The Truth Tracker

Jason R. Bootie

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Written by truthtracker

October 9, 2008 at 11:54 AM

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