The Volokh Conspiracy - Taxpayers to Bail Out Ailing Insurance Giant:

Big news:

Acting to avert a possible financial crisis worldwide, the U.S. Federal Reserve Board reversed course Tuesday and agreed to an $85 billion bailout that would give the U.S. government an ownership stake in the troubled insurance giant American International Group.

The decision, announced by the Fed only two weeks after the Treasury Department took over the quasi-government mortgage finance companies Fannie Mae and Freddie Mac, is the most radical intervention in private business in the central bank's history.

I never knew that's what they meant by an "ownership society."

	[Orin Kerr, September 17, 2008 at 1:23am] Trackbacks Taxpayers to Bail Out Ailing Insurance Giant: Big news: Acting to avert a possible financial crisis worldwide, the U.S. Federal Reserve Board reversed course Tuesday and agreed to an $85 billion bailout that would give the U.S. government an ownership stake in the troubled insurance giant American International Group. The decision, announced by the Fed only two weeks after the Treasury Department took over the quasi-government mortgage finance companies Fannie Mae and Freddie Mac, is the most radical intervention in private business in the central bank's history. I never knew that's what they meant by an "ownership society."