70 Pine St.

Insurance Company New York 2009-04-08T15:29:26Z <p>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 possible commitment of about $182 billion between the Treasury ($69.84 billion) and Fed ($110 billion). The green number above only reflects Treasury's commitment, since those are taxpayer dollars.</p><p>Together, the Treasury and the Fed have actually lent or invested a total of at least $140 billion to bail out AIG.</p><p>On January 11, 2011, AIG, the Treasury and Federal Reserve executed <a href="http://www.aigcorporate.com/newsroom/index.html">a plan</a> that will ultimately 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 of the company. To recoup the $68 billion, Treasury will sell off its stake in the AIG subsidiaries and its AIG common stock over time.</p><p><b>Additional Resources</b>:<br><a href='http://www.aigcorporate.com/newsroom/index.html'>AIG Announces Plan to Repay U.S. Government</a>(9/30/10)<br><a href='http://www.treasury.gov/press-center/press-releases/Pages/tg1024.aspx'>Treasury Announces Completion of the American International Group Recapitalization Transaction</a> (1/14/11)<br></p> aig AIG 8 false 40.7060786 -74.00752 AIG NY NYSE AIG 69835000000 67835000000 0.0 165000000 0 38610313299 165000000 0 2012-05-09T15:54:51Z http://www.aig.com http://taxpayer.net/search_by_tag.php?action=view&proj_id=1889&tag=bank biographies&type=Project