AIG and federal government reach deal on TARP repayment
Insurance giant AIG has reached an agreement and a plan with the federal government to pay back some $70 billion given to the company in 2008 as part of the Troubled Asset Relief Program, just before their two-year deadline on October 3. Under the agreement, the Federal Reserve Bank of New York will remove it’s ties to American International Group, and the Treasury will increase it’s stake to 92 percent, gradually bringing the shares it owns from preferred to public to transfer the control back out of government hands. But is the public buying? Louise Story gives us the latest.
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