Nov 8, 2008

AIG Dealings Continue

So the AIG saga is not done yet. With some deft political manoeuvrings, Maurice "Hank" Greenberg is trying to get a sweeter deal for AIG's lifeline from the govt. AIG and its shareholders are trying to get a share of the $700 billion fed money.
This news report from CNN.COM covers the issue in more detail.

To get their share of the bailout money, there has been speculation that AIG was using some of the $85 billion money to continue its lobbying. Of course, AIG officials said they are not using Fed money to lobby. But if they have other money available to do stuff like lobbying, why are they asking for bailout money to begin with. Can somebody please explain this to me? (it is a rhetorical question, do not waste your energy trying explain, there is nothing to be explained there. Chill out.)

AIG common stock definitely jumped up well on Thursday evening and Friday, because as we all know, some people usually get the news before it comes in the newspapers.
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