AIG, U.S. Treasury, Fed Reserve reach agreements
The actions announced include both ongoing financing facilities and one-time transactions designed to address AIG's liquidity issues.
American International Group Inc. (AIG) reached agreements with the U.S. Treasury and the Federal Reserve to establish a durable capital structure for AIG, and facilities designed to resolve the liquidity issues it has experienced in its credit default swap portfolio and U.S. securities lending program.
"The $85 billion emergency bridge loan was essential to prevent an AIG bankruptcy, which would have caused incalculable damage to AIG, our economy and the global financial system,” said Edward M. Liddy, AIG chairman/CEO. “Thanks to decisive action by Congress, Treasury and the Federal Reserve, there are now additional tools available to create a durable capital structure that will make possible an orderly disposition of certain of AIG's assets and a successful future for the company. Our goal is to repay taxpayers in full with interest, and emerge as a focused global insurer that will create meaningful value for taxpayers and other stakeholders."
The actions announced include both ongoing financing facilities and one-time transactions designed to address AIG's liquidity issues.
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