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.
