Fed Says AIG Owes US $90B

Law360, New York (October 24, 2008, 12:00 AM EDT) -- Cash-strapped American International Group Inc. has already drained more than $90 billion from a $122.8 billion U.S. bailout, the Federal Reserve Board reported on Thursday.

The Federal Reserve's weekly report revealed that AIG owed the U.S. government $90.3 billion as of Wednesday, up from $87.3 billion a week earlier.

In September, the U.S. government agreed to extend an $85 billion line of credit to the struggling insurance giant.

And, on Oct. 8, AIG announced that it had entered into a “securities lending program” with the Federal...
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