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Government unveils revamped aid package for AIG
2009-03-02 21:22:56 (GMT) (Caymanmama.com - Banks & Banking Top Stories News)
American International Group (AIG) stands to get more funds to help bail them out of the financial straights they are in as the government revealed a revamped plan to provide the insurance company with another $30 billion
Manhattan, New York (CaymanMama.com) — American International Group (AIG) stands to get more funds to help bail them out of the financial straights they are in as the government revealed a revamped plan to provide the insurance company with another $30 billion on an “as needed” basis.
AIG quickly went through their revenue and has been unsuccessful in finding buyers for portions of the company, which AIG hoped it would sell to repay their debt to the government on their exisiting aid package, totalling $150 billion.
During a Monday morning interview on NBC’s “Today” show, AIG Chairman and Chief Executive Edward Liddy said: “We’re going to be able to pay back the Federal Reserve. The new $30 billion is a standby line. It’s not necessarily something that we think we’ll have to draw on right away.”
“It is clearly our goal. But we need some help from the financial marketplace,” Liddy said. “The Federal Reserve debt we’ll pay back clearly in two years. And we’d like to make meaningful progress, paying back the original (government) investment.”
AIG, at one time the world’s largest insurer, reported it lost $61.7 billion in the last quarter, the biggest quarterly loss in U.S. corporate history.
Under the new revamped package, the Federal Reserve will take stakes in two international units.
According to the Associated Press, “Instead of paying back $38 billion in cash with interest that it has used from a Fed credit line, AIG now will repay that amount with equity stakes in Asia-based American International Assurance Co. and American Life Insurance Co., which operates in 50 countries.”
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