Interesting article in the Washington Post:
A number of financial experts now fear that the federal government's $143 billion attempt to rescue troubled insurance giant American International Group may not work, and some argue that company shareholders and taxpayers would have been better served by a bankruptcy filing.
Great, now that AIG has already received over $143 billion taxpayer dollars it still maybe tettering on bankruptcy
What we see now are a lot of games by the government to keep these institutions going with a lot of cash," she said. "This is to fill holes in companies' balance sheets, and they're trying to hold at bay the charges that our financial system is insolvent. - Ann Rutledge, R&R Consulting
Even worse, now they are asking Where did the Cash Go?
A.I.G. has declined to provide a detailed account of how it has used the Fed’s money. The company said it could not provide more information ahead of its quarterly report, expected next week, the first under new management. The Fed releases a weekly figure, most recently showing that $90 billion of the $123 billion available has been drawn down.
Now experts are looking at irregular accounting.
What is even more interesting I reference three major newspapers and all three have different quotes on the billions poured into AIG already. Seems no one is really keeping track of the money.