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The Federal Reserve Bailout of AIG

September 17, 2008
/ The financial crisis: background, TARP jobs

From: D & O Diary, September 17, 2008

In a statement issued on Tuesday evening, the Federal Reserve announced that it had authorized a loan of up to $85 billion to American International Group. This move is described in detail in a September 17, 2008 Wall Street Journal article entitled “U.S. to Take Over AIG in a $85 Billion Bailout”. Bloomberg’s article describing the development can be found.

The Outlines of the Loan Facility

The loan facility, which the statement says has been extended pursuant to Section 13(3) of the Federal Reserve Act, has been “designed to protect the interests of the U.S. government and taxpayers.” According to the Real Time Economics blog, the only other time this specific Fed power has been exercised since the Depression era was in connection with the Bear Stearns bailout… Click here to read the full article.

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