Wednesday, September 17, 2008
Fed in AIG rescue - $85B loan
Feds rescue AIG with $85 billion bailout
Feds rescue AIG with
$85 billion bailout
In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurance giant AIG, officials said Tuesday evening. In return, the federal government will receive a 79.9 percent stake in the company, Officials decided they had to act lest the nation's largest insurer file bankruptcy.