To other Masters of the Universe:
The cash paid to AIG’s so-called counterparties was used to cover collateral payments, cancel derivatives contracts and meet obligations at its securities lending business.
Now majority-owned by the government, AIGhas received
more than $170 billion in bailout funds to keep it in operation since mid-September, when it found itself on the verge of collapse.
Back in the boys’ locker room in high school, we had a word for this.