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More bailout funds to AIG
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| Parent(s) |
Issue
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| Contributor | Servo |
| Last Edited | Servo Mar 02, 2009 10:16am |
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| Category | News |
| Media | Newspaper - Kansas City Star |
| News Date | Sunday, March 1, 2009 04:15:00 PM UTC0:0 |
| Description | The government agreed late Sunday to provide $30 billion more to American International Group as the company prepares to report a $62 billion loss today, people involved in the discussions said.
The insurer’s quarterly loss would be the biggest in history.
The intervention marks the fourth time that the federal government has been forced to step in to help AIG avert bankruptcy. The government owns nearly 80 percent of the insurer’s holding company as a result of the earlier interventions, which involved a $60 billion loan, a $40 billion purchase of preferred shares and $50 billion to soak up the company’s toxic assets. |
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