The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash (for more, and better parties?).

The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion (no wonder, those parties are expensive! See previous techimoto article about AIG spending $440,000 on a party at the St. Regis!).

The latest announcement does not jeopardize the government’s ability to recoup its loan to AIG, experts said.

“AIG will repay the loan,” said Stewart Johnson, portfolio manager at Philo Smith, an investment bank specializing in insurance. “It’s just a matter of how much of themselves they will have to sell.” (NOT MUCH IF THE PARTIES CONTINUE!)

“We fully expect to emerge from this with a capital structure that’s fit to fight (AND DRINK?) ,” he said. “Our insurance businesses…are strong and well-capitalized.”

But some analysts are more skeptical. “The current disruption in the credit markets could make it difficult to sell businesses at attractive valuations,” ratings agency Standard and Poor’s said.

Hey dude, those parties are expensive! They need more capital! Partey on dudes!