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Insurer AIG Gets $30 Billion From US Government
Date: 3/2/2009 8:38:15 AM Sender: VOA News
Insurer AIG Gets $30 Billion From US Government  
By VOA News
02 March 2009

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The U.S. government has unveiled a revamped rescue package for insurance giant American International Group (AIG) that will provide the troubled company with an additional $30 billion on an "as needed" basis.

The U.S. Treasury said Monday AIG will repay the government with equity stakes in two of its Asia-based units.

The transaction will help AIG pay off some of the $40 billion it has drawn from its government line of credit and offset its quarterly losses.

The company announced a fourth-quarter loss of more than $60 billion on Monday.

That loss is the largest corporate loss in history, despite two previous government bailouts totaling $150 billion. The government owns an 80 percent stake in AIG, which suffered major losses last year in investments linked to the housing market.

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