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Politics : Formerly About Advanced Micro Devices

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To: steve harris who wrote (434059)	11/9/2008 8:48:02 PM
From: tejek	Read Replies (1) of 1574030

Is this what Bush meant when he said he was a strong proponent of free markets? AIG near new bailout deal: Report Speculation grows that government may change terms of federal loan that saved insurance giant from collapse. "Details were still in flux, but under the plan being discussed Sunday night, the government would cut the interest rate AIG is paying and use its authority under last month's $700 billion bailout law to buy $40 billion in preferred shares, the Journal said. The government would also stand behind billions of dollars in credit default swap agreements - essentially insurance contracts that AIG had sold to customers worldwide, according to the Journal. Finally, it would backstop AIG's business of securities lending. The new deal would mark a stunning turn in what has become one of the most controversial Bush administration moves to stem the escalating financial crisis. The company has come under fire by lawmakers and state officials for seeking to make big payouts to former executives and planning pricey corporate events after receiving the federal loans." money.cnn.com

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