U.S. Economy
AIG gets $30 billion more from government
The company just reported its bigest quarterly loss ever -- $62 billion -- but it will receive additional taxpayer money.
Monster insurance company American International Group, whose holding group is now largely the property of the federal government, has reported its biggest quarterly loss in history — $61.7 billion. And now more taxpayer money is on the way.
The New York Times reports that the government decided Monday morning to provide an additional $30 billion in bailout funds to the company, and that the government will also be loosening the terms of its loan. In total, with this latest infusion, $180 billion in taxpayer money will have been devoted to the insurer.
In other bright, cheery economic news, as of this post the Dow has fallen below 6,900; the last time it was below 7,000 was in October of 1997.
Alex Koppelman is a staff writer for Salon. More Alex Koppelman.
