|
|
Article: FEDERAL RESERVE BANK OF NEW YORK ISSUES STATEMENT REGARDING AIG TRANSACTION
- Article from:
- US Fed News Service, Including US State News
- Article date:
- September 29, 2008
CopyrightCopyright © HT Media Ltd. All Rights Reserved. Provided by ProQuest LLC. (Hide copyright information)
|
The Federal Reserve Bank of New York issued the following press release:
On September 16, 2008, the Federal Reserve Board announced that, with the full support of the Treasury Department, it had authorized the Federal Reserve Bank of New York to lend up to $85 billion to American International Group, Inc. (AIG). That announcement explained that the $85 billion was advanced in the form of a two-year secured loan to AIG, with many features put in place to protect and compensate the U.S. government and taxpayers. One of these features, a 79.9% equity interest, has the potential to provide a substantial financial return to the American people should the $85 billion loan, as anticipated, provide ...