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AIG Rescue Isn’t Working
Financial experts fear that the federal government’s $143 billion rescue of American International Group may not work, and some argue the company shareholders and taxpayers would have been better served by a bankruptcy filing. AIG has been zipping through its vast $85 billion loan since it was aided by taxpayer money in September, and it borrowed a further $20 billion last week. “Unless there is immediate change to the structure of the Federal loan, the American taxpayer will likely suffer a significant financial loss,” former AIG chief executive and major shareholder Maurice R. “Hank” Greenberg wrote to AIG’s current chief executive on Thursday, according to The Washington Post.
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