Changes

The '''American Insurance Group''', more commonly known as '''AIG''', is one of the largest [[insurance]] companies in the world. During the 2008 financial crisis, it was bailed out by the [[United States]] government after facing the prospect of [[bankruptcy]].

The '''American Insurance Group''', more commonly known as '''AIG''', is one of the largest [[insurance]] companies in the world. During the 2008 financial crisis, it was bailed out by the Bush administration and the Federal Reserve after facing the prospect of [[bankruptcy]].  The government has spent over $170 to shore up AIG--with more coming--because it insured big banks against losses from securities that turned out to be "toxic" and lost much of their value.

[[Category:Business]]

 

In March 2009 a firestorm of public protest exploded when it was discovered the U.S. Treasury under Secretary [[Timothy Geithner]] had given out over $160 million in bonuses for work in 2008 to the AIG traders who caused over $60 billion in losses in 2008.  A law to "claw back" the bonuses by special taxes passed the House and is before the Senate.  The dispute seriously damaged prospects for the [[Obama Administration]]'s plans to ask Congress for more bailout billions.

 

 

 

[[Category:Obama Administration]]