Thursday, April 9, 2009

NY Fed to Supply $5 billion Line of Credit to AIG Sub?

AIG's aircraft leasing division is close to obtaining a $5 billion line of credit from the New York Federal Reserve Bank. ILFC needs the money to meet aircraft order commitments and assuage concerns of potential buyers. Leased plane tire kickers include The Carlyle Group, Thomas Lee Partners and Greenbriar Equity.

AIG already received $180 billion in federal support. What's another $5 billion amongst the big money boys? What happened to the billions in PEU money sitting on the sidelines? Why do they need access to cheap taxpayer backed financing? Ah, another round of corporafornication is in order.