Excellent compendium post by Yves Smith as AIG takes $30B more from the U.S. government to avoid bankruptcy.
TARP one, TARP all. AIG in flames and with analyst firms threatening to downgrade it - which would potentially end in bankruptcy - so Uncle Sam throws out another $30B. Ugly.
"The Journal really bends over for Citi. It conveniently omits the tantamount to $250 billion in guarantees that Citi has received. Last week, the Journal ran a piece that had the hallmarks of being a PR plant.
Alert readers pointed out earlier today, when the Bloomberg story first ran, that it fingered some of the big beneficiaries of the AIG rescue:
I agree with the comment about the Wall Street Journal story being a PR plant.
My experience in the PR industry in Silicon Valley tells me that companies and the government will use the media [which will let itself be used - it sells newspapers, which means it sells advertising] to 'shape' public opinion. That's PR-speak for controlling what people think so they don't protest too much.
The entire piece, with Bloomberg and Wall Street Journal excerpts, can be seen here.