AIG gets another $38 Billion of taxpayer money

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Hey, resort spas are expensive. It's the least the taxpayer can do for our brave billionaires.

Oct. 8 (Bloomberg) -- The Federal Reserve will provide as much as $37.8 billion in additional liquidity to American International Group Inc.'s regulated insurance units after rescuing the company with an $85 billion loan last month.

The Fed board used emergency powers to authorize the New York Fed to borrow up to $37.8 billion in investment-grade, fixed-income securities from AIG in return for cash collateral, the Fed said in a statement. The action will help AIG ``replenish liquidity'' and provide ``enhanced credit protection to the New York Fed and U.S. taxpayers,'' the Fed said.

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AIG responds as you might expect

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With another trip to the resort.

Oct. 8 (Bloomberg) -- American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.

The event, at the Ritz-Carlton in California's Half Moon Bay, aims to ``motivate and educate'' about 150 independent agents who sell AIG coverage to high-end clients, said spokesman Nicholas Ashooh.

I believe the term you are thinking of is "hubris".