AIG Gets $37.8 Billion More – After St. Regis Party
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Just when you thought the AIG St. Regis Party story couldn’t get anymore confusing and worse, it did.
Straight from the OC Register:
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AIG, the insurance company bailed out with $85 billion in taxpayer funds, is getting another $37.8 billion infusion from the Federal Reserve to help cover mounting losses, the AP reports.
As of Sept. 30, AIG had drawn $61 billion on the $85 billion credit facility, of which about $54 billion has gone toward its securities lending and AIG’s financial products area, the AP reports.
The rest of the money has been for other liquidity needs amid an “unprecedented” freezing of credit markets, Chief Executive Edward Liddy said last week.
The Register’s O.C. Watchdog blog broke the story that employees of an AIG subsidiary – and some of their best customers – who blew more than $440,000 at a retreat at the St. Regis Resort Monarch Beach last month, days after the record $85 billion bailout was approved. AIG has been blasted in Congress for its O.C. bash.
Liddy wrote to Treasury Secretary Henry Paulson on Wednesday to say that most of the company’s 100 guests at the St. Regis retreat weren’t executives – and they had planned the retreat before the bailout.
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Read: Letter Libby Wrote To Paulson
Similar Post: AIG’s St. Regis $440K Bill, After Government Bailout, AIG Spends $440,000 at St. Regis Monarch Beach Resort, CA
