Bad Debt Sure Buys Good Apartments

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Last week, eight days after the Federal Reserve agreed to an $85 billion bailout for the American International Group, and one day after the F.B.I. was first reported to be investigating its collapse, recently retired AIG executive vice president Robert M. Sandler bought a $3.45 million apartment at the Hampshire House on Central Park South. He and his wife, Annette, paid in cash.” Since that was technically our money the Fed used to bail out AIG, does this mean it’s our apartment, too? Yippee! [NYO]