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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
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.
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