Bodies reaction is at remarkable new peak: U.S. usually takes 80% stake within the country’s largest insurer to cease internationally economic a mess
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New york (CNNMoney) -- Inside the an unprecedented disperse, brand new Government Set aside Board was lending doing $85 billion so you're able to cut crumbling insurance company American Global Classification, officials announced Saturday night.
Brand new Given registered the fresh new Federal Put aside Financial of new York to help you lend AIG (AIG, Fortune 500) the money. In exchange, the us government gets an effective 79.9% share throughout the company.
Authorities felt like that they had to behave lest the country's biggest insurance provider document bankruptcy proceeding.