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AIG Dips Into Bailout Fund Again, This Time to Repay New York Fed

Posted By admin On November 3, 2010 @ 4:32 am In Money Watch | Comments Disabled

Matt Cover
CNS News
Nov 3, 2010

Bailed-out insurance giant AIG will get another $22 billion in federal taxpayer funds through the Troubled Asset Relief Program (TARP) so it can pay back some of the other bailout funds it received from the Federal Reserve Bank of New York (FRBNY).

The U.S. Treasury Department announced the newest AIG bailout on Monday, saying it was part of a restructuring of the government-owned insurance company.

Treasury also announced that AIG had successfully sold two of its subsidiaries – American Life Insurance Company (ALICO) and AIA Group Ltd. – and that proceeds from those sales would go to repay other New York Fed bailout loans.

Technically, the $36.7 billion AIG made from selling ALICO and AIA will go to repay a Federal Reserve Bank of New York credit facility established to help AIG in the aftermath of the 2008 financial crisis. AIG owes that credit facility $19.2 billion plus interest.

Full article here [1]

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[1] Full article here: http://www.cnsnews.com/news/article/aig-dips-bailout-fund-again-time-repay-n

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://www.homegain.com/homevalues

[4] Citigroup to repay $20 billion in bailout money: http://www.prisonplanet.com/citigroup-to-repay-20-billion-in-bailout-money.html

[5] Dimon Says He’s Eager to Repay ‘Scarlet Letter’ TARP: http://www.prisonplanet.com/dimon-says-he%e2%80%99s-eager-to-repay-%e2%80%98scarlet-letter%e2%80%99-tarp.html

[6] New York Fed Faces House Subpoena Over AIG Bailout: http://www.prisonplanet.com/new-york-fed-faces-house-subpoena-over-aig-bailout.html

[7] $700 Billion Bailout Could Fund Private Foreign Banks: http://www.prisonplanet.com/700-billion-bailout-could-fund-private-foreign-banks.html

[8] U.S. Taxpayers Lose $1.3 Billion in Chrysler Bailout: http://www.prisonplanet.com/u-s-taxpayers-lose-1-3-billion-in-chrysler-bailout.html

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