Wednesday, September 17, 2008

$86 Billion??? Are you SERIOUS?

$86 billion dollars. That's what our friends at the New York Federal Reserve Bank are shelling out to save AIG. When the Fed turned down Lehman Bros. when they showed up rattling their tin cup, I foolishly hoped we'd seen the end of bailouts as we knew it. No such luck.

Deplorable. "Too big to fail." You cannot be serious. Keep in mind that AIG spurned a private equity rescue led by Flowers the other day, hoping to get money from the Fed with no strings so current management could stay on. Sure enough...

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