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Fed, Treasury Announce New Aid For AIG

RENEE MONTAGNE, host:

NPR's business news starts with a new and bigger bailout for AIG.

(Soundbite of music)

MONTAGNE: The Treasury and the Federal Reserve today announced a new bailout package for the troubled insurance giant AIG. The Federal Reserve has already extended the company more than $120 billion in funding. That hasn't stabilized it. Now the Fed and the Treasury have come up with a new, rejiggered rescue package that replaces previous measures. It includes lower interest rates on loans and the purchase of $40 billion in AIG shares. The total cost of this new AIG bailout is about $150 billion. Transcript provided by NPR, Copyright NPR.

NPR transcripts are created on a rush deadline by an NPR contractor. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.