Cash Flush: AIG to Get Another $22 Billion

Posted by Ian Cooper - Tuesday, November 2nd, 2010

As if we haven't spent enough taxpayer dollars on this garbage, AIG is getting another $22 billion handed to them... on your behalf. 

From MoneyNews.com:

"Bailed out insurer American International Group will get up to $22 billion more in U.S. taxpayer funds to facilitate its restructuring and prepare for an eventual government exit, the U.S. Treasury said on Monday.

But the Treasury reiterated that it expects the government to earn an overall profit on bailout investments in the insurance giant -- once as high as $180 billion -- assuming the AIG restructuring announced on September 30 is executed.

AIG will draw the $22 billion from remaining Troubled Asset Relief Program funds to repurchase Federal Reserve preferred stock interests in the special purpose vehicles holding two key subsidiaries being sold off, AIA Group Ltd and American Life Insurance Co (ALICO), the Treasury said in a statement."

Read on here.

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