AIG to get $30 billion in 4th bailout

[red states rule]

Obama and the Dems keep shelling out the cash - oblivious to the long term effects

Anyone enjoying the change yet?



AIG to get $30 billion in 4th bailout

Struggling insurer American International Group Inc. will receive up to $30 billion in additional federal assistance in the fourth government rescue of the company, a person familiar with the matter told the Associated Press on Sunday.

The new infusion is intended to prop up AIG - once the world's largest insurer - which is expected to announce $60 billion in quarterly losses early Monday, the source said on the condition of anonymity because the discussions are still ongoing.

The company, which is considered too large to fail, previously received about $150 billion in loans from the government, which now has an 80 percent stake in the company.

Under the new deal, the U.S. Treasury and the Federal Reserve would provide about $30 billion in fresh capital to AIG from the government's Troubled Assets Relief Program (TARP). The money would be provided as a standby line of equity that AIG could tap as its losses mount, the source said.

AIG has already received $40 billion from TARP.

In exchange for the latest infusion, the Federal Reserve would take stakes in two international units, the source said.

Instead of paying back $38 billion in cash with interest that it has used from a Federal Reserve credit line, AIG now will repay that amount with equity stakes Asia-based American International Assurance Co. and American Life Insurance Co., which operates in 50 countries.

Under the plan, another $20 billion from a Federal Reserve credit line remains available for borrowing, the source said.

http://www.washingtontimes.com/news/...n-4th-bailout/

[darin]

how else will the new world order come-about? Seriously - when Gov't gets it's hands in controlling business, it'll be only a matter of time before the gov't controls who is allowed to buy what - and only then if they have the 'mark of approval' on their hand or forehead.

[red states rule]

how else will the new world order come-about? Seriously - when Gov't gets it's hands in controlling business, it'll be only a matter of time before the gov't controls who is allowed to buy what - and only then if they have the 'mark of approval' on their hand or forehead.

Dems are all for rewarding failure, punishing success, and breaking the bank with insane reckless and dangerous spending

[Classact]

Nothing is too big to fail and if the US government continues to prop up stupidy it will go down with the failures.