American International Group (AIG) has made a $972 repayment on its bailout loan to the United States Treasury in its latest effort to bring down its total debt to the federal government. This most recent repayment has brought the owed amount on the taxpayer-funded bailout from 2008 down to approximately $50 billion. At the peak of the financial crisis, AIG was provided with a bailout of $182 billion by way of the Troubled Asset Relief Program. The insurer also borrowed money from the Federal Reserve, but has repaid all but…
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An insider’s look at the AIG collapse
Unpublished diplomatic cables that were acquired by WikiLeaks reported that during the collapse of the American International Group Inc back in 2008, propriety information about the company were released by the Chinese Insurance Regulatory Commission (CIRC) to its rival companies, as believed by some U.S. officials. The reports say that CIRC intervened during the company’s collapse in September 2008 by forcing the local operations of AIG to open their books daily. CIRC then released the information that they obtained through this move to the competitors so that they will buy…
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