AIG

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New York, N.Y.

Committed:	$69,835,000,000
Disbursed:	$47,506,000,000	Returned:	$0	Revenue to Gov't:	$0
				Net Outstanding:	$47,506,000,000

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10.9%	of all bailout funds committed.
94.1%	of the Insurance Company industry bailout.

Description

On four separate occasions, the government has offered aid to AIG to keep it from collapsing, rising from an initial $85 billion credit line from the Federal Reserve to a possible commitment of about $182 billion between the Treasury ($69.84 billion) and Fed ($110 billion). The green number above only reflects Treasury's commitment, since those are taxpayer dollars.

Together, the Treasury and the Fed have actually lent or invested a total of at least $134 billion to bail out AIG. See our post breaking down the aid here.

Additional Resources:
Press Release Announcing AIG Restructuring Plan(3/2/09)
Term Sheet (3/2/09)
Securities Purchase Agreement (11/25/08)

Map: Corporate headquarters of AIG.
See all recipients in New York

Events

Sep. 16, 2008 First AIG Bailout

With AIG collapsing, the Fed bails it out with access to an $85 billion credit line.

More info from online.wsj.com
Oct. 8, 2008 Second AIG Bailout

The government restructures its bailout of AIG. The insurer gets access to $37.8 billion more in loans.

More info from www.nytimes.com
Nov. 10, 2008 Third AIG Bailout

The government restructures its bailout of AIG for the second time. Treasury invests $40 billion in AIG as part of the government’s now-$150 billion effort to keep AIG from collapsing.

More info from www.federalreserve.gov
$40B

Nov. 25, 2008 Purchase - Preferred Stock w/ Warrants

Part of the Systemically Significant Failing Institutions

More info from www.financialstability.gov
Mar. 2, 2009 Fourth AIG Bailout

The government restructures its bailout of AIG for the third time. Treasury says it might invest up to $30 billion more. Together, the Fed's and Treasury's commitments add up to $180 billion.

More info from www.propublica.org
$29.8B

Mar. 2, 2009 Purchase - Preferred Stock w/ Warrants

On Apr. 20, 2009, Treasury trimmed $165 million from the original $30 billion amount to recoup the bonuses paid to AIG employees in March.

Part of the Systemically Significant Failing Institutions

$7.5B has actually been disbursed.
- May 13, 2009: $1.2B
- Aug. 13, 2009: $2.1B
- Nov. 13, 2009: $2.1B
- Feb. 17, 2010: $2.2B
Mar. 15, 2009 AIG Pays Out Bonuses to Execs

AIG pays out $165 million in retention bonuses to executives who work in the business unit that was primarily responsible for sinking the company.

More info from www.oag.state.ny.us
Apr. 20, 2009 Treasury Trims AIG Aid to Recoup Bonus Payments

AIG and the Treasury Department finalize the agreement to provide AIG up to $30 billion more, but the Treasury trims $165 million from the additional aid and charges a fee for the same amount to recoup the bonuses paid to AIG employees in March.

Part of the Systemically Significant Failing Institutions

More info from www.propublica.org
Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings

The Special Master for TARP Executive Compensation releases determinations on the compensation packages for the top 25 most highly paid executives at the companies that received "exceptional" assistance -- i.e. those that were bailed out in the strictest sense of the word: AIG, Bank of America, Citigroup, Chrysler, Chrysler Financial, General Motors, and GMAC.

More info from www.financialstability.gov
Dec. 1, 2009 AIG and Fed Strike Deal to Reduce AIG Debt

AIG announces that it has completed two deals that, together, shave $25 billion off its tab to the Federal Reserve Bank of New York, bringing the combined total it owes the Fed and the Treasury to about $62 billion.

Part of the Systemically Significant Failing Institutions

More info from www.propublica.org

Date	Type	Amount	Program	Description
03/02/2009	Purchase	$29,835,000,000	SSFI	Purchase - Preferred Stock w/ Warrants
11/25/2008	Purchase	$40,000,000,000	SSFI	Purchase - Preferred Stock w/ Warrants

For our blog, resources and more, see our main bailout page.

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Our Bailout Highlights

TARP Watchdog Launches Audit of Bailout Contracts 2/9

Chase Denied Loan Mods for Now Forbidden Reason—Homeowners in Limbo 2/4

Homeowners Say Banks Not Following Rules for Loan Modifications 1/14

Loan Mod Program Delays Even Worse for Those Struggling Not to Fall Behind 12/21

Bailout Breakdown: Losses Likely to Be Larger Than Treasury Estimates 12/11

Interactive Chart Shows Breakdown of Slow-Moving Loan Mod Program 12/11

Homeowners Getting Blame for Lack of Loan Mods, but Evidence Points to Banks and Servicers, Too 12/9

Bailout Balance Sheet December 2009: Taxpayers’ Revenues Grow, but So Do Losses 12/3

About This Project

We're tracking where the bailout money is going. Our lead bailout reporter – and blogger – is ProPublica's . Lead developer is .

ProPublica is an independent, non-profit newsroom that produces investigative journalism in the public interest. We strive to foster change through exposing exploitation of the weak by the strong and the failures of those with power to vindicate the trust placed in them.

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Eye on the Bailout

AIG

New York, N.Y.

Description

Events

Sep. 16, 2008 First AIG Bailout

Oct. 8, 2008 Second AIG Bailout

Nov. 10, 2008 Third AIG Bailout

Nov. 25, 2008 Purchase - Preferred Stock w/ Warrants

Mar. 2, 2009 Fourth AIG Bailout

Mar. 2, 2009 Purchase - Preferred Stock w/ Warrants

Mar. 15, 2009 AIG Pays Out Bonuses to Execs

Apr. 20, 2009 Treasury Trims AIG Aid to Recoup Bonus Payments

Oct. 22, 2009 TARP Chief for Exec Compensation Releases Findings

Dec. 1, 2009 AIG and Fed Strike Deal to Reduce AIG Debt