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AIG in talks for third US govt bail out

AIG is negotiating a third bail out with the US government ahead of an expected fourth quarter loss of more than £16.9bn, according to the Financial Times.

It reports that the insurer, which is already 80 per cent taxpayer-owned, could announce the rescue plan, along with its results, as early as next week.

The FT says the bail out could see the government swap some of the £41.4bn five-year loan it made to AIG in November and a portion of its £27.5bn in preferred stock for equity.

AIG confirmed it is in talks and says: “We continue to work with the Federal Reserve Bank of New York to evaluate potential new alternatives for addressing AIG’s financial challenges.”


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20% chance of Armageddon – Mott

PSigma income manager Bill Mott believes there is now a 20 per cent chance of Armageddon for the UK economy.


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