Word: aig
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Federal funds to AIG (in billions...
...York City Still Too Big to Fail Insurer AIG, reeling from the collapse of mortgage-backed securities it underwrote, received a fourth massive infusion of federal funds, bringing total taxpayer liability to $180 billion. The same day, it posted a $61.7 billion quarterly loss--the largest in U.S. corporate history...
...Still, Congress is already unhappy with the vast sums of money the government is plowing into financial sinkholes like Citigroup and AIG that have been deemed too big to fail, and Geithner may have a hard time persuading it to pony up hundreds of billions of dollars more if necessary, as he said on Tuesday it might be. When the Administration rolls out its more detailed bank-bailout plans in the next few weeks, Geithner will have another chance to salvage his reputation as a salesman. But the truth is, if the plans fail on their...
...came with the announcement that financial insurance giant American International Group had lost $61.7 billion in the last quarter of 2008, the largest quarterly loss in corporate history. As the insurer of much of the toxic American mortgage debt that detonated the implosion of the world's finance markets, AIG is now also set to take on an additional $30 billion in U.S. government rescue funding beyond the record-setting $150 billion in aid it received last year...
...market opened on a sharp down note after absorbing a weekend of anxiety over AIG, the black hole of an insurance company that is swallowing another $30 billion of government assistance with no assurance that it won't need more. Monday morning, AIG reported a colossal loss of $61.66 billion for the fourth quarter of 2008. Citigroup also cast its own dark shadow with news last week that the government will convert preferred shares it owns for up to a 36% stake in the troubled financial services firm...