AIG Posts $61.7B 4Q Loss, Bailout Is Restructured - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

AIG Posts $61.7B 4Q Loss, Bailout Is Restructured

Posted: Updated:

CHARLOTTE, N.C. (AP) - The government is extending additional aid to American International Group.

The new $30 billion package comes as the company has burned through cash. It's been unable to find buyers for pieces of its company that it hoped to sell to repay the government on its existing aid package, which totals some $150 billion.

The troubled insurer lost more than $$61 billion in the last three months of 2008. It's the biggest quarterly loss in U.S. corporate history.

Company CEO Edward Liddy tells NBC's "Today Show" the $30 billion is "a standby line" and they may not have to draw on it right away.

This marks the fourth time the government has stepped in to help AIG. Its initial lifeline came in September.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Powered by Frankly
All content © Copyright 2000 - 2017 Midwest Television, Inc. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.