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AIG: Bailed out again - CNNMoney.com

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Viraj
on November 10, 2008 6:39 PM | | Comments (0) | TrackBacks (0)
Fed restructures loan and creates 2 programs to rescue insurance giant from bad bets. Treasury buys $40 billion in shares. AIG quarterly loss: $25 billion.

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NEW YORK (CNNMoney.com) -- Troubled insurer American International Group got a new, $152.5 billion deal from the federal government on Monday, as the Federal Reserve and Treasury Department made significant changes to the terms of the company's original bailout. The Fed announced that it will reduce AIG's original $85 billion bridge loan to $60 billion, and it will cut the interest rate by 5.5 percentage points.

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This page contains a single entry by Viraj published on November 10, 2008 6:39 PM.

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