Another $30,000,000,000 dumped down the AIG rathole [View All]

[n2doc]

AIG To Get New $30 Billion Bailout

IEVA M. AUGSTUMS | March 1, 2009 04:37 PM EST |
CHARLOTTE, N.C. — American International Group Inc. will receive additional federal assistance of up to $30 billion as part of a revamped government bailout, according to media reports Sunday, citing unnamed sources.

The new funding, the fourth government rescue of AIG since September, is intended to support the New York-based insurer as it is expected to announce $60 billion in quarterly losses early Monday.

Once one of the world's largest insurers, AIG has already received $150 billion in loans from the government. In return the government has taken an 80 percent stake in the insurer.

Under the new deal, the U.S. Treasury and the Federal Reserve would provide about $30 billion in fresh capital to the insurer, lower the interest rate on a $60 billion loan and ease the terms of a $40 billion preferred share investment.

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http://www.huffingtonpost.com/2009/03/01/aig-to-get-new-30-billion_n_170898.html