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U.S. Taxpayers to Bailout AIG With $85 Billion

U.S. Taxpayers to Bailout AIG With $85 Billion

AP
September 17, 2008

Another day, but not just another bailout. This one’s a stunning government takeover.

In the most far-reaching intervention into the private sector ever for the Federal Reserve, the government stepped in Tuesday to rescue American International Group Inc. with an $85 billion injection of taxpayer money. Under the deal, the government will get a 79.9 percent stake in one of the world’s largest insurers and the right to remove senior management.

AIG’s chief executive, Robert Willumstad, is expected to be replaced by Edward Liddy, the former head of insurer Allstate Corp., according to The Wall Street Journal, citing a person it did not name. Willumstad had been at the helm of AIG since June.

Read Full Article Here

Ron Paul on AIG bailout…Bad Monetary Policy

http://www.youtube.com/watch?v=QpY6JvG7w6M

Stocks tumble after government bailout of AIG
http://news.yahoo.com/s/ap/20080917/ap_on_bi_st_ma_re/wall_street

AIG’s Collapse Would Have Impact Around the Globe
http://www.bloomberg.com/apps/news..&sid=adkrRxBFo5nA&refer=home

 


1 Comment so far
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it’s hard to object to the government’s mass bailouts as similar debt-producing methods were put into action to bring the U.S. out of the Depression… our economy has been supported and driven by debt ever since

Comment by kingdom media




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