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NEW YORK (Reuters) – American International Group Inc (AIG.N), which has received more than $150 billion in taxpayer support since last September, has closed a deal to access nearly $30 billion in additional federal funds.
In a filing with the U.S. Securities and Exchange Commission on Monday, AIG said it would issue and sell to the U.S. Treasury 300,000 preferred shares, including warrants to purchase common stock, in exchange for up to $29.835 billion.
The original amount agreed in early March was $30 billion, but officials subtracted $165 million in retention bonuses paid to employees of the AIG Financial Products unit last month.
Originally posted by Seekerof
Despite all the doom and gloom rhetoric that fomented prior to the bailouts, the bailouts never should have been approved. The precedence set by the bailouts opens the door to everyone, opps, but the American people who are providing said 'bailouts'. Ironic, huh, especially when there are those who still espouse that 95% of American will not see their taxes increase by 1 cent? Hello!? Who is going to inevitably pay for this crap? You, me, and the average American taxpayer. Trickle down taxation and stealth taxation ftw. Surprising, so many think otherwise.