AIG is rescued by the Government with an $85 billion Fed Loan |
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American International Group averted the worst financial collapse in history by accepting an $85 billion federal loan and giving the government a majority stake, 80%. The U.S. reversed its opposition to a bailout of AIG, the nation's biggest insurer by assets, after private efforts failed and the Federal Reserve concluded that ``a disorderly failure of AIG could add to already significant levels of financial market fragility,'' according to a Fed statement late yesterday. ``It's an enormous
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