Welfare Queens who need their benefits cut off: AIG & Citi

[marmar]

from Dollars & Sense:



AIG Follows Citi
by Dollars and Sense

AIG is expected to report horrific losses on Monday. Just in from Reuters:

Exclusive: AIG near deal on new terms of bailout
Sun Mar 1, 2009 8:41am EST Reuters

By Paritosh Bansal

NEW YORK (Reuters) American International Group Inc is close to a deal with the U.S. government that would ease the terms of its bailout, provide a further equity commitment and help it pay down debt, a person familiar with the matter said on Saturday.

The revision would be the latest sign of how federal regulators are having to tweak bailout packages for financial institutions deemed too big to fail as the economy and markets worsen.

The board of the troubled insurer is due to meet on Sunday to vote on the deal, which could be announced when AIG reports its quarterly results on Monday, the source said.

That would be just days after the government agreed to boost its equity stake in Citigroup Inc to as much as 36 percent in a bid to bolster another financial giant that taxpayers had already poured billions of dollars into.

The revised AIG agreement is expected to include an additional equity commitment of about $30 billion, more lenient terms on an existing preferred investment, and a lower interest rate on a $60 billion government credit line, the source said. ........(more)

The complete piece is at: http://www.dollarsandsense.org/blog/2009/03/aig-follows-citi.html

[Horse with no Name]

1. There are NO words

[Skink]

2. Doesn't AIG do as much business over Seas as in the U.S.?