Fed Chairman Ben Bernanke told the Senate Budget Committee he was “angry” at A.I.G. for exploiting a loophole in the regulatory system in order to run what was essentially a hedge fund tied to an insurance company.
With $45 billion in taxpayer funds burning a hole in its pocket, Citigroup is purchasing a $50 million Dassault Falcon 7X, according to the New York Post. Apparently none of the existing jets that ferried execs to Washington to ask for bailout funds was ironic enough.
A bailout of some kind is coming, but no one seems to know what it will look like and who it will help. The Wall Street Journal says that Senate Banking Committee Chairman Christopher Dodd of Connecticut has some ideas that might not go over too well with the Treasury Department.