So far it seems those banks and financial institutions fortunate enough to receive billions of dollars from the government are showing their gratitude by hoarding the money for their own purposes, spending it on parties and, now, using it to cover up for major accounting “irregularities,” as they say.

Makes you proud to be a capitalist, doesn’t it?

The New York Times reports today that insurance company AIG has already burned through $123 billion it got from the Federal Reserve. The company told the government it was solvent in September. The only explanation for running through that kind of money one month later would be hidden accounting problems, analysts say. The company could be taking the $85 billion line of credit from the Fed plus $38 billion in additional government help and using it to cover previously undisclosed losses. From the Times: