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.