WSJ: U.S. seizes control of AIG | News
News
INDY Week's news blog

Archives | RSS

Wednesday, September 17, 2008

WSJ: U.S. seizes control of AIG

Posted by on Wed, Sep 17, 2008 at 11:53 AM

The Wall Street Journal is reporting that the U.S. government has taken over an 80 percent equity stake in American International Group, Inc., one of the world's largest insurers, in exchange for providing the company an $85 billion dollar bailout. In a company press release, AIG writes, "In return for providing this essential support, American taxpayers will receive a substantial majority ownership interest in AIG." Thanks!

From the WSJ:

The step marks a dramatic turnabout for the federal government, which had been strongly resisting overtures from AIG for an emergency loan or some intervention that would prevent the insurer from falling into bankruptcy. Just last weekend, the government essentially pulled the plug on Lehman Brothers Holdings Inc., allowing the big investment bank to go under instead of giving it financial support. This time, the government decided AIG truly was too big to fail.

Tags: ,

Pin It

Comments

Subscribe to this thread:

Add a comment

INDY Week publishes all kinds of comments, but we don't publish everything.

  • Comments that are not contributing to the conversation will be removed.
  • Comments that include ad hominem attacks will also be removed.
  • Please do not copy and paste the full text of a press release.

Permitted HTML:
  • To create paragraphs in your comment, type <p> at the start of a paragraph and </p> at the end of each paragraph.
  • To create bold text, type <b>bolded text</b> (please note the closing tag, </b>).
  • To create italicized text, type <i>italicized text</i> (please note the closing tag, </i>).
  • Proper web addresses will automatically become links.

Latest in News



Twitter Activity

Comments

Mr. Goldsmith, please read Jennifer's post below. If you have journalistic integrity, please fix your blog as it shows up …

by Sherry D. on Mayor McFarlane Will Not Be Turned Away from Democratic Party Events, Spokesman Says (News)

Look Lisa, your grandfather's story is tough. I would suggest however that he is a victim of capitalist oppression, not …

by CPF (CommiePinkoFag) on “Durham’s a Bright Light for Our Movement”: After Their Cases Were Continued Until November, Defend Durham Activists Took a Victory Lap (News)

Most Recent Comments

Mr. Goldsmith, please read Jennifer's post below. If you have journalistic integrity, please fix your blog as it shows up …

by Sherry D. on Mayor McFarlane Will Not Be Turned Away from Democratic Party Events, Spokesman Says (News)

Look Lisa, your grandfather's story is tough. I would suggest however that he is a victim of capitalist oppression, not …

by CPF (CommiePinkoFag) on “Durham’s a Bright Light for Our Movement”: After Their Cases Were Continued Until November, Defend Durham Activists Took a Victory Lap (News)

Apparently we must hope that the N&O doesn't follow through on this trend by deciding that they will cover legislative …

by khoragos on The N&O’s Performing Arts Correspondent Says the Paper Is Cutting Back on Performing Arts Reviews (News)

Cancelling the parade affects all people. I usually went just for the parade, not the night events. Parents take their …

by Aiden on Carolina Jews for Justice Says NC Pride Schedule Fix Isn't Enough (News)

I should also add that it was professor Daniel Sherman who penned the letter that we all signed after some …

by elin o'Hara slavick on UNC Faculty Members Call for the Removal of Silent Sam (News)

© 2017 Indy Week • 320 E. Chapel Hill St., Suite 200, Durham, NC 27701 • phone 919-286-1972 • fax 919-286-4274
RSS Feeds | Powered by Foundation