Really!
AIG just posted the worst 4th quarter lost of any American company in history. 62 Billion
They lost $460,000 per minute!!!
Q: How much money has the government given AIG?
A: On the brink of failure in September, AIG was bailed out when the government offered it an $85 billion loan during the ongoing credit crisis that saw Lehman Brothers Holdings Inc. file for bankruptcy protection and Merrill Lynch & Co. get sold to Bank of America Corp.
Less than a month later, the insurance giant received an additional $37.8 billion loan from the Federal Reserve, and later was granted the ability to access up to an additional $20.9 billion under a new program where the Fed would buy commercial paper — short-term debt often used for day-to-day expenses — from the company.
In November, the U.S. government restructured its loans to AIG, giving the company about $150 billion in total as part of a rescue package to help the company remain in business amid the worsening credit crisis. That package replaced earlier loans after it became apparent the insurer needed more funds.
Update seconds after I posted.
3-2-2009
Reporting from Washington — Federal officials tossed American International Group another financial lifeline today, providing up to $30 billion more to help the staggered insurance giant deal with a record $61.7 billion loss in the final three months of last year.
In this case alone, the American taxpayer is on the hook for $180 Billion to AIG.
This is only one company among dozens!
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