The Federal Reserve will provide a two-year loan, take 79.9 percent of the New York-based company’s stock and replace its management because “a disorderly failure of AIG could add to already significant levels of financial market fragility,’” according to a statement by the central bank late yesterday.

It’s reassuring to know that the Feds will now “successfully” manage a formerly mismanaged company that became insolvent largely because of the Fed’s centralized mismanagement of the economy.