Friday, October 24, 2008

Easy Come, Easy Go

In case you were worried that erstwhile insurance behemoth AIG wouldn't be able to spend our money fast enough, have no fear:
By my calculations, that means they're burning through almost $3 million a day, every day (hey, at least they're not slacking on the weekends!). Of course, dropping a few million here and there on "entertainment" helps.
As of yesterday, they'd used up about $100,000,000 to (and ya gotta love this phrasing) "pay off bad bets the company made in guaranteeing other firms' risky mortgage investments." Wouldn't it have been cheaper to just bet it all at the craps table?
"Wall Street analysts said this is a vulnerable juncture for the insurance giant."
No kidding.
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