Wednesday, December 10, 2008

The Audacity....of AIG

A $85B bailout to start

A $400k "sales convention" a week post-bailout at a California luxury resort

An additional $50B+ bailout

The use of Federal funds to pay the interest on borrowed Federal funds? Say What?

NonSalary-Bonuses of up to $4M paid as retention bonuses? Say What?

Additional uncovered losses of $10B as off the books speculative trades NOT part of the original bailout package? Say What?

A share price plumment from almost $100 to a buck reducing market cap from over $200B to approx. $5B?

A am speechless.......

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