AIG repaying nearly $4 billion in federal loans

[paparush]

Source: AP

In its single biggest repayment of bailout loans so far, American International Group Inc. said Monday it is paying back nearly $4 billion in taxpayer aid with proceeds from a recent debt sale.
The insurer's aircraft leasing company, International Lease Finance Corp., completed the sale of $4.4 billion in debt. AIG will use more than $3.9 billion of the proceeds to repay the Federal Reserve Bank of New York, trimming the balance on its credit line with the Fed to about $15 billion. Adding interest, the total is about $21 billion.
The emergency credit line was part of a $182 billion federal bailout package that New York-based AIG received during the financial crisis to avoid collapse. AIG has been selling off assets to pay back the aid.
"This is continuing tangible evidence of AIG's progress in repaying the American taxpayers," said Robert Benmosche, AIG President and CEO. "AIG is getting stronger every day. We still have more work to do, but we will finish the job and make sure we repay the American taxpayers."
As of June 30, excluding the new payment, AIG said its outstanding balance owed to the government stood at about $101 billion. The total includes debt as well as preferred shares of stock in AIG held by the Treasury Department.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5hdayZscnbILdhsdAN6BIZ3PE9AtgD9HP8T503

[tomm2thumbs]

1. ...and its outstanding balance for undermining the nation's economy? are they paying that back too?

oh, but that was on 'another set of books' wasn't it?

[rfranklin]

2. $182 billion which mostly went to Goldman Sachs...

They were "made whole" while everyone else suffered. Guess what? Sec. of Treasury Paulson was a Goldman Sachs alumnus. Timothy Geithner was a Goldman Sachs alumnus.

Goldman Sachs should be taken down on principal. Those guys should be in jail.

[Raster]

3. Goldman Sucks won't ever be taken down, no matter their crimes.

Their claws are in far too deep.

[Demeter]

5. Actually, Timmy Isn't From Goldmans

But I'll bet you a dollar he ends up there next.

[Turbineguy]

4. Move along.

Nothing to see here. The economy is collapsing or haven't you heard?