TV News LIES

Tuesday, Jul 26th

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...


FBI arrests senior HSBC banker accused of rigging multibillion-dollar deal

HSBCA senior HSBC banker has been arrested by the FBI as he attempted to board a...

Stocks rebound after Brexit sell-off; Dow closes up more than 250 points

NYSEU.S. stocks closed higher Tuesday, lifted by gains in oil prices, as investors looked for bargains...

Puerto Rico Defaults on Constitutionally Guaranteed Debt

Puerto Rico defaults The Puerto Rican government failed to pay almost half of $2 billion in bond payments due...

A third of cash is owned by 5 U.S. companies

Cash owned by five corporationsThe rising cash holdings of U.S. corporations is increasingly in the hands of a few U.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!