Here are the terms of the AIG bailout:
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The Federal Reserve will provide a two-year loan, take 79.9 percent of the New York-based company's stock and replace its management because ``a disorderly failure of AIG could add to already significant levels of financial market fragility,'' according to a statement by the central bank late yesterday.
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http://www.bloomberg.com/apps/news?p...Ld0&refer=home
The CEO is going to be replaced by the former CEO of Allstate Ins. It doesn't detail who else will get replaced. It looks as if the exiting CEO may still get a huge bonus:
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American International Group head Robert Willumstad, named CEO in June amid record losses from the housing slump, may get a $7 million exit package after a Fed takeover forces him out.
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http://www.nypost.com/seven/09182008...xit_129673.htm
http://www.postchronicle.com/news/br...12172602.shtml
Willumstad only held the job for a few months...I think that the former CEO needs to shoulder some of the blame for this and should be prosecuted....for something..don't know what but these execs need to be held accountable.