18 Aug '11, 8pm

AIG repays more of US TARP bailout

AIG repays more of US TARP bailout

WASHINGTON: Insurance giant American International Group on Thursday repaid US taxpayers another part of a massive government bailout extended during the financial crisis, officials said. The Treasury Department said that it had received $2.15 billion from AIG, an additional repayment of its rescue from the Troubled Asset Relief Programme (TARP). The repayment was funded by proceeds from AIG's sale of its Taiwan-based life insurance subsidiary Nan Shan, the Treasury said in a statement. "This is another important milestone in AIG's remarkable turnaround," Tim Massad, the Treasury's assistant secretary for financial stability, said in the statement. "We continue to make progress in recovering the taxpayers' investments in AIG," he said. With AIG's $2.15 billion repayment, the US government's remaining outstanding investment in AIG - through the Treasury - is $51 billion, th...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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