At this point, AIG’s unquenchable thirst for more cash is getting to be something of a joke. If there were somthing more violent than a black hole, we’d describe them that way, but for now, that’s the best we can come up with:
MarketWatch: Four affiliates of American International Group American International Group, Inc the Federal Reserve Bank of New York’s Commercial Paper Funding Facility to secure up to $20.9 billion in short-term financing, according to a regulatory filing by AIG Thursday. The affiliates will use the funds from the issuance of the commercial paper to refinance AIG’s outstanding commercial paper as it matures, meet other working capital needs and make voluntary prepayments under AIG’s $85 billion credit facility with the Federal Reserve Bank of New York.
What do you think, is it any consolation at all that they’d use some of the momey for “voluntary prepayments” of the Fed’s $85 billion credit facility?
(HT: commenter dieselm)