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(from CBSNewYork)
AIG Reaches Deal To Repay Gov’t Bailout Money
AIG, which became a lightning rod for criticism over government bailouts, said it reached a deal to repay billions of dollars it received during the credit crisis. The plan announced Thursday could return a profit to taxpayers who footed the bill for AIG’s near collapse in September 2008. “This is a pivotal milestone as we deliver on our long-standing promise to repay taxpayers,” Robert Benmosche, AIG’s CEO said in a statement. “We are very pleased that this agreement vastly simplifies current government support of AIG.” The announcement provides a clearer strategy to repay AIG’s debt to the government. Until this point, AIG was primarily repaying the government as it took in money from asset sales, but there was no timeline for repayment. READ MORE
