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PrintFebruary 23, 2009
Bailing out AIG ... from the Bottom of the Ocean
AIG is asking for more bailout money. But bailing out AIG is like bailing out the Titanic. Both AIG and the Titanic have already sunk to the bottom.
AIG has received over $150 billion in federal assistance so far. The government already owns 79.9% of the business deemed “too big to fail.” But AIG wants more. According to CNBC:
… talks are focused on how the company can swap some of the debt held by the government for equity in AIG. Faber said the problem is that the government's ownership stake cannot exceed its current 79.9 percent, leaving officials to try and find a creative way to transfer value to the U.S. in exchange for AIG reducing its debt so that it can then borrow more from the government to meet its collateral calls.
Really? AIG gets to borrow even more money from the feds? This is so stupid that it isn’t even socialism.
American Thinkers like yours truly have warned early and often: Once these bailouts start they will be almost impossible to end. Some ships, like the Titanic and AIG, are beyond bailouts.
Hat tip: my wife
