News / Business
AIG Reports Largest Quarterly Loss in Corporate History, to Receive More Government Money
Insurance
giant AIG has reported the largest quarterly loss in corporate history, a
staggering $61.7 billion, and having already received $150 billion in financial
support from the government will now pick up an additional $30 billion as part
of the recent bailout package.
The
$30 billion is intended to stabilize the company and in doing so help to stabilize
the ailing financial system. According to several analysts an AIG collapse
would spell disaster for financial institutions around the world that have been
insured by the company.
As
part of the $30 billion the Federal Reserve will take a larger stake in the company
to reduce AIG’s debt.
In
addition to insuring financial institutions AIG provides insurance protection
to individuals, small firms, municipalities, personal pension plans and several
large companies.
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