Government Providing AIG With $85 Billion Loans; Feds' Move Stands in Stark Contrast to Decision on Lehman Brothers
Hoping to avoid a worldwide financial meltdown, the U.S. government last night took the unprecedented step of loaning insurance giant American International Group, or AIG, $85 billion in exchange for a shocking 80 percent ownership in the company.
The move was a stark about-face for regulators, who just days ago resisted pleas from AIG for help, and was the latest in a stream of massive government bailouts for financial firms that bet wrong on the subprime housing market.
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