AIG Draws $2.2 Billion More From Treasury to Bolster Units

[cory777]

Source: Bloomberg

By Hugh Son

March 17 (Bloomberg) -- American International Group Inc., the insurer rescued by the U.S., drew $2.2 billion more from a Treasury Department facility to bolster property-casualty units that will be the core of a scaled-back company.

AIG used the cash to redeem securities held by insurance subsidiaries, improving liquidity and a measure of capital adequacy watched by rating firms and regulators, said Mark Herr, a spokesman for the New York-based firm. The company owes more than $70 billion on Federal Reserve and Treasury facilities.

“AIG still needs to be cognizant of where the rating agencies stand on their solvency,” said David Havens, managing director in credit trading at Nomura Securities International Inc. in New York. The insurer may have requested the funds after “getting feedback from the rating agencies that the regulatory capital within the operating companies doesn’t muster up.”

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aIlizr.NOkKY

[truedelphi]

1. We at Vichy Care applaud the Bernanke/Geithner team

And their efforts to keep those of us who are in the inner circle as prosperous as we wanna be.

Paulson, Kashkari and Geithner and Bernanke have stood resolute against such nasty and small minded criticism that demands that they ignore the bonds of loyalty toward the very company that has mentored them - and by that company, I mean AIG.

It was by studying the AIG model of financial firms that we at Vichy Care came to understand that by offering the American people health care insurance for only $ 1 per person a year that we could become as successful as any market manipulator.

What, you say? Health Care for only $ 1 a year per person? But surely you cannot compete with the services of the Big Boy Insurers, like Aetna, or Well Point or United or BCBS. Surely you will be slower to deny us needed treatments, or less willing to invoke the rights of an Insurer to rescind a policy holder.

No, no my interested customer base. Although our premiums are extremely low, and will enable you to comply with the about-to-be enacted mandates, we will be just as able as the Bigger Firms to see that you are denied needed medical treatments. And we will rescind policies at rates that are competitive with the Big Players.

Vichy Care. We take your premium dollars so the Other Insurers cannot have them!

[Hubert Flottz]

2. There's always something Vichy going on in Washington...

I can smell it from West Bye Gawd...

[midnight]

5. The march goes on. These folks are like leaches for our personal wealth...

[ixion]

3. and yet somehow they were able to pay bonuses this year

imagine that. :eyes:

[mbperrin]

7. Well, you gotta keep all that "talent", right? Otherwise, they're liable

to run out and hire themselves to....uh.......hmmm....

[Toots]

4. Must be a few that didn't receive as much in bonus as they wanted

We should be seeing very soon where AIG is passing out bonuses worth approximately 2.2 billion dollars..

[Romulox]

6. Thank GAWD it passed!

I'm an expert on the "free market" (when I'm not advocating for bailouts for multinational corporations.)

[Demeter]

8. Will the Leeching Never Stop?

[QC]

9. I feel so hopeful! n/t

[SOS]

10. The first $182 billion wasn't enough?

Your tax dollars at work:



Entrance to the private AIG executive golf course near New York City ^

[Lorien]

11. The Banksters treat the Treasury as if it's their personal ATM. nt

[brentspeak]

12. Related: "AIG to Pay Out $46 Million to Those Responsible for Its Demise"

http://www.bloggingstocks.com/2010/03/15/aig-to-pay-out-46-million-to-those-responsible-for-its-demise/

[Rapier09]

13. Fun Fact

Goldman would have been deeply in the red if it wasn't the Feds bailing out AIG.

Instead of them having to accept money from the Feds,they were able to give the money back to the Feds,because those same Feds were funding their AIG investments.

AIG gets tarred but Goldman stays clean.