10-08-2008, 11:11 PM
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GreekChat Member
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Join Date: Jul 2002
Location: ooooooh snap!
Posts: 11,156
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AIG asks for more money
CNN article
Quote:
NEW YORK (CNNMoney.com) -- The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had previously lent out to other institutions for a fee. Those institutions are now returning these securities and want their money back.
The new program, announced Wednesday, is on top of the $85 billion the federal government agreed to lend to AIG last month to prevent the global company from collapsing. AIG said last Friday it had drawn down $61 billion.
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