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Thread: AIG sells $39.3 billion in assets to NY Fed's fund

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    AIG sells $39.3 billion in assets to NY Fed's fund

    What do you think is wrong with this picture?

    NEW YORK (Reuters) - American International Group (AIG.N), the insurer bailed out by the U.S. government in September, said on Monday it sold $39.3 billion of assets to a fund established by the Federal Reserve Bank of New York.
    The new fund, Maiden Lane II, was created to hold mortgage liabilities from an AIG securities lending portfolio that caused huge losses to the troubled insurer, the company said in a press release.

    The New York Fed extended the loan to Maiden Lane II to enable the purchase of the securities for $19.8 billion.

    AIG, once the world's largest insurer, said it agreed to add $5 billion in cash to the fund, which will eliminate liquidity issues associated with the company's securities lending program and facilitate the repayment of its debts.

    The deal is part of a plan to clear the insurer of its obligations on mortgage debt.

    The need to post increasing amounts of collateral to counterparties for other mortgage assets held by a financial products unit left AIG with $42.5 billion in losses over the last year.

    AIG sells $39.3 billion in assets to NY Fed's fund | Reuters

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Still selling bad debt......
    I want to see how long the house of cards can last....

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Oh....they are indeed selling, and you are close my friend, but who is doing the buying, and with what?

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    They are paying off bad paper wiith more bad paper....
    Bonney Fwank & co. really stuck it to us....
    Wait 'til the tax increases hit....

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Quote Originally Posted by Partisan View Post
    They are paying off bad paper wiith more bad paper....
    Bonney Fwank & co. really stuck it to us....
    Wait 'til the tax increases hit....
    Indeed, and they told us they would not monetize the debt, they lied, the fed lied to the american people, to congress, and no one is discussing this!

    WTH?

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Quote Originally Posted by Jackboot View Post
    Indeed, and they told us they would not monetize the debt, they lied, the fed lied to the american people, to congress, and no one is discussing this!

    WTH?
    Honestly, what did you really expect?......

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Quote Originally Posted by Partisan View Post
    Honestly, what did you really expect?......
    I expected the media to do their job, I guess that is out of the question these days.

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Quote Originally Posted by Jackboot View Post
    Indeed, and they told us they would not monetize the debt, they lied, the fed lied to the american people, to congress, and no one is discussing this!

    WTH?
    WTF are you even talking about? The debt monetization that is illegal, and dangerous is when the Fed buy's the debt DIRECTLY from the treasury....

    This is nothing more than a new tool used in open market operations....
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Today's media is not what it used to be. Journalism was considered a high calling that was impartial with opinions limited to the Editorial or Op-Editorial pages only (or its equivalent). Unfortunately everything in the media is opinion based now. Part of the reason my wife quit the field and gave it up.

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    Re: AIG sells $39.3 billion in assets to NY Fed's fund

    Quote Originally Posted by Goldenboy219 View Post
    WTF are you even talking about? The debt monetization that is illegal, and dangerous is when the Fed buy's the debt DIRECTLY from the treasury....

    This is nothing more than a new tool used in open market operations....
    Some people just cannot be reached..........

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