TV News LIES

Thursday, Jun 21st

Last update05:20:13 AM GMT

You are here News Economy AIG Gets $4.3 Billion of Credit; Seeks to Exit Bailout

AIG Gets $4.3 Billion of Credit; Seeks to Exit Bailout

E-mail Print PDF

AIG building, NYCAmerican International Group Inc., the insurer bailed out by the U.S., garnered $4.3 billion in bank credit lines in another step toward repaying taxpayers and gaining independence. The credit, provided by more than 30 banks and administered by JPMorgan Chase & Co., includes two $1.5 billion facilities, one for three years and the other for 364 days, AIG said today in a regulatory filing.

AIG’s property-casualty division Chartis Inc. got $1.3 billion, the insurer said. The firm rose $2.01, or 3.7 percent, to $56.34 at 10:03 a.m. New York Stock Exchange composite trading.

AIG, which is seeking to replace government funds with private capital, said Dec. 8 that it struck a deal to repay a $20 billion Federal Reserve Bank of New York credit line and would then turn to stock sales to repay the U.S. Treasury Department.

The insurer must demonstrate access to capital markets before the U.S. fully withdraws its support, Treasury Chief Restructuring Officer Jim Millstein has said.

The credit lines are “another important vote of confidence by the market in AIG,” Chief Executive Officer Robert Benmosche said in a separate statement. “We believe we are close enough to completing our recapitalization plan that we can see the finish line.”

More...


Most Recent Related Stories...


Trump orders tariffs on $200B more Chinese goods

Trump orders new tariff on China President Donald Trump on Monday raised the stakes in a growing trade dispute with China, ordering...

Renowned Economist Jeffrey Sachs Rips Trump As A Gibbering, ‘Delusional’ Threat

Jeffrey SachsAmerican economist Jeffrey Sachs has written a scathing takedown of President Donald Trump, calling him a delusional, psychopathic...

Report: Trump to Authorize $50 Billion in New Tariffs Targeting China

Trump okays $50B in tariffs on China President Donald Trump approved tariffs on about $50 billion of Chinese goods, people familiar with the...

U.S. Steel And Aluminum Tariffs Are 'Illegal,' EU Trade Commissioner Says

Cecilia Malmstrom, WTO Commissioner After U.S. tariffs on imports of European steel and aluminum took effect Friday morning, the EU's...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!