AIG LOSSES BEING WHITTLED DOWN
From the Financial Times:
AIG has agreed to sel Alico, its international life assurance business, to MetLife for about $15.5bn in cash and shares in a deal that would further reduce its indebtedness to US taxpayers….
The New York Federal Reserve, which has repeatedly bailed out AIG, stands to receive up to $9bn from the sale….
The Fed is due to receive a further $25bn once the $35.5bn sale of AIA, AIG’s huge Asian arm, to Prudential of the UK is completed…
If the Fed receives $9bn from the Alico deal and the sale of AIA goes through, AIG would still have to repay $14.4bn under a credit line and $47bn it received from the US Treasury…
Click here to read the full article.
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