Insurance giant AIG continues to flounder and just posted the largest quarterly loss in U.S. history: $61.7 billion. Not surprisingly, they're now coming to the U.S. taxpayer for another bailout. After already having provided a $60 billion loan, $40 billion in the form of purchases for preferred shares, and $50 billion to soak up some of the company’s toxic assets AIG's CEO, Edward Libby, is asking for another $30 billion. Liddy - who came in after the company went south in September, and earns just $1 per year - is saying that the company and the financial conditions are "in much worse condition than I thought.”
Look, if we're going to give these guys more cash - and we will - how about a stipulation that says no more "hideout" junkets for executives, like this one in Phoenix. Better yet, if we're going to guarantee their survival, their profits, their payroll, and their losses, why don't we just take the entire thing over?
- Mark
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