Monday, November 10, 2008

PARDON SIR, WE WANT SOME MORE

Well whattaya know? Seems that AIG is asking the U.S. government for more money. (H/T CunningRealist)

(Cause that first $122.5 billion wasn't quite enough.)

Let's all let fly with the standard stuff, shall we: out-rageous! Un-be-lievable! The nerve of those guys! Blah, blah, blah, and some blahddy blah blah.

But you know what? They're gonna get it! If they were "too big to fail" last month, and the "largest insurer in the universe is too important to let die" and all that jazz, what's changed?

You know what else is gonna happen? Sometime between now and January 20 when Paulson steps down -- and Obama replaces him with some other entrenched Wall St. guy at Treasury -- he's heading back to Capitol Hill to ask for more money that the banks can horde. And use for executive bonuses. And distribute as dividends to their shareholders.

And in the unlikely event that it doesn't come to pass, the new guy can ask on his own. Afterall, the new guy's boss voted for the first bailout, right?

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***UPDATE*** Well that didn't take too long, did it?

Reduction of the previous $85 billion loan to $60 billion. But replacing the prior $37.8 billion loan with a $52 billion float. A new $40 billion, with some debt-for-equity particulars. Hmmm.

So it's about $150 biilion for AIG now. How long til they come back for bite number 3? Any predictions? I say next April . . . late April. After Uncle Sam soaks us for the bill on the 15th. And well before the massive inflation all this crap will engender starts to kick in full force.

Only question is, of course, when does Treasury crawl up to Capitol Hill for its second course? Mmmmm good, people. The feeding trough is open and slop's being served!

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4 Comments:

Blogger Smitty said...

Any predictions

Same as you: shortly after tax day. Makes me feel like I...just bought something, you know? It's an investment, right? [/retch]

The feeding trough is open

This was the east way out, and once you head down this path, it's easier to keep going this way. Yeah, yeah, irony sandwiches for everyone as we see that the Bush admin went all socialist-y on this issue, but so did the Dems (which shouldn't surprise anyone, right?)...

9:50 AM  
Anonymous applesaucer said...

Well-said.

Putting all these Wall St. guys in high-profile positions like the Treasury, Fed, Chief of Staff, etc. is like asking vampires to guard the blood bank.

Applesaucer

11:16 AM  
Anonymous wfta said...

What the fuck would Joe the Plumber say? They're going all redistributionistic on us.

4:47 PM  
Blogger Mike said...

irony sandwiches for everyone as we see that the Bush admin went all socialist-y on this issue, but so did the Dems

Both parties play by the same rulebook on this one, and will for the foreseeable future: Privatize Wealth, Socialize Risk.

asking vampires to guard the blood bank

Nice.

What the fuck would Joe the Plumber say?

Being a big time political celebrity, and all, he'd say the same thing Bush and McCain and Obama and Frank and Pelosi said: pardon sir, we want some more.

6:59 AM  

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