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.

Published March 2, 2009 4:15PM (EST)

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.

By Alex Koppelman

Alex Koppelman is a staff writer for Salon.

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