US government scraps AIG bailout and seals new deal
The US government reached a deal on Sunday night to scrap its original $123bn bailout of American International Group and replace it with a new $150bn package, according to a report by the Wall Street Journal, quoting sources.
The $150bn in government aid consists of a $60bn loan, a $40bn preferred-stock investment and $50bn in capital largely to purchase distressed assets which are to be placed into two separate financingOnly users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
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