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Initiatives and Programs » Emergency Economic Stabilization Act » Systemically Significant Failing Institutions

Systemically Significant Failing Institutions

Money for AIG

1

recipient

$69.84B

promised

$67.84B

actually invested, loaned, or spent

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A program under the Emergency Economic Stabilization Act More info from www.treasury.gov
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The sole 'systemically significant' institution to get money through this program is AIG. On four separate occasions, the government offered aid to AIG to keep it from collapsing, rising from an initial $85 billion credit line from the Federal Reserve to a commitment of about $182 billion between the Treasury ($69.84 billion) and Fed ($110 billion). The green number to the right only reflects Treasury's commitment, since those are taxpayer dollars.

On January 11, 2011, AIG, the Treasury and Federal Reserve executed a plan to extricate AIG from government support. AIG paid off the Fed's loans. To extricate the Fed from its investment in two AIG subsidiaries, the plan called for AIG to draw down approximately $20 billion more from the Treasury (for a total investment of $68 billion). AIG used that money to buy the stakes in the subsidiaries, which it then immediately transferred to Treasury. The plan also called for the Treasury to convert its other investments in AIG into AIG common stock - bringing its holdings to 92.1 percent. To recoup the $68 billion, Treasury is selling off its stake in the AIG subsidiaries and its AIG common stock over time.

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The following list shows the 1 recipient of Systemically Significant Failing Institutions.

Name State Date Entered Amount Committed by SSFI Amount Returned to SSFI
AIG
Received other federal aid. Click to see details.
N.Y. Nov. 25, 2008 $69,835,000,000 $67,835,000,000