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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.
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"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.
