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American General Finance

Doug Huffman

Banned
Joined
Jun 9, 2006
Messages
9,180
Location
Washington Island, across Death's Door, Wisconsin,
AGF is a subsidiary of American International Group, AIG. Recognize the name?

The United States Federal Reserve Bank on September 16, 2008 created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9% of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion. AIG subsequently sold a number of its subsidiaries and other assets to pay down loans received, and continues to seek buyers of its assets. NY Attorney General Andrew Cuomo has stated he wants to disclose names of those receiving bonuses.
 
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