From the comments section at Calculated Risk comes this summary regarding the Fed’s expansion of lending to AIG:
Wait.. it goes like this…
1. AIG makes bad investments
2. Company execs make millions
3. Stock gets wiped out
4. Company gets wiped out
5. Billions lost
6. Company and execs get 85 billion bailout
7. Execs and sales force go on $400,000 weekend retreat
8. Congress cries OUTRAGE!
9. We give them another 38 billion.
That about covers it.