Federal Reserve Bank of New York saves AIG
The Federal Reserve Bank of New York saved AIG last night with a two-year, revolving $85bn revolving credit facility that will ensure that company meets its liquidity needs.
AIG gave up a 79.9% stake in the company, making the world's biggest insurer effectively a government subsidiary.The insurer will also pay interest at a steep 8.5% above the three-month LondonOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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