I read the news today - oh boy (Tuesday edition)
Breaking News Alert
The New York Times
Tuesday, September 16, 2008 -- 7:21 PM ET
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Fed to Give A.I.G. $85 Billion Loan and Take 80% Stake
In an extraordinary turn, the Federal Reserve agreed Tuesday to take a nearly 80 percent stake in the troubled giant insurance company, the American International Group, in exchange for an $85 billion loan.
There goes Social Security. Wave bye bye... and say hello to our new 'troubled giant insurance company!'
Don't you wish our government had been half as helpful in the wake of Katrina? I guess you only get a government bail out if you're corporate... (and the water isn't already up to your attic!)
Labels: economy, Federal Reserve, government bailout
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