AIG Gets Expanded Bailout, Posts $24.5 Billion Loss (Update4)
Nov. 10 (Bloomberg) -- American International Group Inc. got a $150 billion government rescue package, almost doubling the initial bailout of less than two months ago as the insurer burns through cash at a record rate.
AIG will get lower interest rates and $40 billion of new capital from the government to help ease the impact of four straight quarterly deficits, including a $24.5 billion third- quarter loss posted today by the New York-based company.
Taxpayers will take on the extra risk to give Chief Executive Officer Edward Liddy more time to salvage AIG. The insurer, which needed U.S. help to escape bankruptcy in September, has posted about $43 billion in quarterly losses tied to home mortgages. Liddy's plan to repay the original $85 billion loan by selling units stalled as plunging financial markets cut into their value and hobbled potential buyers.
"It was obvious to me from Day One that the terms of that arrangement were really quite punitive in terms of the interest rate and the commitment fee and the shortness of it," Liddy said today in a Bloomberg Television interview. "I started really about a week after I got here trying to renegotiate."
Emphasis added by me.
Then why the fuck did you agree to it, asshole?
Don't come crying to me when I've had contracts shoved in my face with Fuck You Take It Or Go Fuck Yourself Terms.
If you don't like it, do what you're supposed to do under your ruling Dollar Uber Alles philosophy: Drop Fucking Dead.
All you're doing right now is pretend living. I'd pull the fucking plug on you.
On all of you.
It's time to let it all crash and start again.