Government Increases AIG Bailout to $150 Billion
November 10, 2008 | Posted in Business & Economy | 86 views
The Federal Reserve hiked its support for insurer American International Group Inc.
to about $150 billion on Monday after an initial bailout attempt failed to stem massive losses.
Under the new plan, the government is putting $150 billion at AIG’s disposal, $27 billion more than it extended previously. But the new package will leave the government exposed to billions of dollars of potential losses.
AIG shares rose 24 percent to $2.62 in premarket trade after the new rescue plan was disclosed.
Source [ Reuters ]
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