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AIG Gets $37.8 Billion Fed Loan
The Federal Reserve agreed to provide American International Group (symbol Quote) with a loan of up to $37.8 billion, in addition to the loan the government made to the insurer in September.
Under the program, the New York Fed will borrow up to $37.8 billion in investment-grade, fixed-income securities from AIG in return for cash collateral. The securities were previously lent by AIG's insurance company subsidiaries to third parties, the Fed said in a statement late Wednesday.
The Associated Press reports AIG said the loan will help it secure funds on an as-needed basis. ...
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