Login
ISCOVER
Part nationalised American insurance giant AIG yesterday reported a net loss for 2008 of US$99.3 billion (A$158 billion), with a net loss of US$61.7 billion (A$98 billion) in the fourth quarter alone.’
In response to the devastating result the American government said it would invest a further US$30 billion (A$38 billion) into the insurer, on top of its already close to 80 per cent stake.
"Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high," a statement from the US Treasury and Federal Reserve said.
You’re out of free articles for this month
To continue reading the rest of this article, please log in.
Create free account to get unlimited news articles and more!
Looking for more benefits?
Become a Premium Member.
JOIN THE DISCUSSION