AIG Set To Receive Another $30B In Government Funds
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The U.S. government is set to announce its fourth bailout for "the blackhole", also known as American International Group (NYSE: AIG).
According to various reports, the insurer, which bet unwisely in the mortgage market, will receive revamped terms of the government bailout and $30 billion in additional capital as the company is set to announce a $60 billion quarterly loss - the largest loss in corporate history.
In addition, AIG will repay billions owed to the Fed with equity stakes in Asia-based American International Assurance Co. and American Life Insurance Co. instead of cash.
AIG is also expected to combine its U.S. and foreign property-casualty insurance operations into a new unit, which would be taken public.
Major credit-rating companies signed off on the latest package, which potentially saved AIG from posting another $8 billion in collateral to its counter parties.
AIG was too big to fail and now the money we've given it is too much to let it go. The scam-artists at AIG have successfully transfered the insanely risky bets they made onto the U.S. taxpayer. A complete and utter disgrace!
Here is the AIG Bailout Visualized - funny until you realize that it's our money.
According to various reports, the insurer, which bet unwisely in the mortgage market, will receive revamped terms of the government bailout and $30 billion in additional capital as the company is set to announce a $60 billion quarterly loss - the largest loss in corporate history.
In addition, AIG will repay billions owed to the Fed with equity stakes in Asia-based American International Assurance Co. and American Life Insurance Co. instead of cash.
AIG is also expected to combine its U.S. and foreign property-casualty insurance operations into a new unit, which would be taken public.
Major credit-rating companies signed off on the latest package, which potentially saved AIG from posting another $8 billion in collateral to its counter parties.
AIG was too big to fail and now the money we've given it is too much to let it go. The scam-artists at AIG have successfully transfered the insanely risky bets they made onto the U.S. taxpayer. A complete and utter disgrace!
Here is the AIG Bailout Visualized - funny until you realize that it's our money.
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