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Federal Government Grants AIG a New Bailout Package
American International Group Inc. (AIG) got a $150 billion government rescue package – almost double the initial bailout deal of less than two months ago and the largest ever granted to a private U.S. company – as the ailing insurer continues to burn through its cash at an accelerating rate.
The New York-based AIG will get $40 billion of new capital from the U.S. Treasury Department’s $700 billion bailout package, to help offset the damage wreaked by four consecutive quarterly losses, including a third-quarter deficit of $24.5 billion that the company announced yesterday (Monday), Bloomberg News reported. The U.S. Federal Reserve also is slashing an…
11Nov2008 | Money Morning | Comments Off | Continued
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