AIG borrows $90.3 billion from Federal Reserve AIG Burns Through Most of $123 Billion Handout

[seemslikeadream]

http://www.businessweek.com/ap/financialnews/D9412HHG0.htm

CHARLOTTE, N.C.

Shares of American International Group Inc. fell Friday amid growing concerns about the insurer's health as it draws on more loans from the Federal Reserve.

Shares of AIG fell 32 cents, or 15 percent, to $1.78 ahead of the closing bell Friday.

Figures released by the Federal Reserve Thursday showed that as of Wednesday, the government has loaned the company $90.3 billion.

In September, the Fed said it would provide the New York company a two-year, $85 billion loan, and the central bank said recently it would loan AIG an additional $37.8 billion. In total, the government has put about $123 billion at AIG's disposal.

As of Wednesday, AIG's borrowings under the $85 billion credit facility totaled $72 billion, company spokesman Joseph Norton said. AIG has received $18 billion under the $37.8 billion lending agreement, he said.

AIG said has it would sell off certain business units to pay off the $85 billion loan. The company, however, said it plans to retain its U.S. property and casualty and foreign general insurance businesses. It also plans to keep an ownership interest in its foreign life-insurance operations.



http://www.minyanville.com/articles/Fed-aig-subsidy-bailout-loan-tax/index/a/19676

[Hydra]

1. The CIA is borrowing from the Fed?

Don't they just demand money?

[EmeraldCityGrl]

2. We are in deep caca.

[TomInTib]

3. They should just drag AIG out to the back pasture...

and shoot it.

[lpbk2713]

4. That ought to make for one sweet resort getaway for the top brass at AIG.

It's not like they haven't done it before at the taxpayers' expense.

[KamaAina]

5. Perspective: That's slightly more than each year's supplemental Iraq war funding

$90 billion here, $90 billion there, pretty soon it adds up to real money. :scared: