Bailing Out AIG
Events in regard to AIG (American International Group) since the U.S. government's first massive cash bailout.
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The Federal Reserve gives AIG and emergency loan of up to $85 billion, getting a 79.9 percent stake in the company and the right to remove senior management.
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AIG names Edward Liddy as chairman and CEO, succeeding Robert Willumstad, who stepped down after three months.
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The Fed gives AIG and additional loan of up to $37.8 billion.
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New York Attorney General Andrew Cuomo announces an investigation into AIG and wants the firm to stop excessive and unnecessary spending while taking government money to stay afloat.
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AIG says it can access up to an additional $20.9 billion.
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AIG posts a $24.47 billion quarterly loss: the Fed restructures and replaces earlier loans to AIG to a total of about $150 billion, up from about $144 billion.
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AIG announces CEO will recieve a $1 salary for 2008, 2009, no 2008 bonuses nor salary increases through 2009 for AIG's top seven officers, no salary increases for the next-highest 50 AIG executives.
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The government agrees to relieve AIG of about $53.5 billion in debt.
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AIG posts the worst quarterly loss in U.S. history; receives a fresh $30 billion infusion from the government's $700 billion bailout fund.
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AIG CEO sends a letter to U.S. Treasury Secretary regarding employee compensation policies, including $165 million to be paid on March 15.
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N.Y. Attorney General's office issues subpoenas for the names of AIG employees set to receive bonuses; office will investigate whether the $165 million in payments are fraudulent under state law.
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AIG Chairman and CEO Edward Liddy appears before House Financial Services committee, concedes that some of the insurance giant's executive bonuses are "distasteful."
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Credits:
CBS/AP
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