Make that nearly $150 billion in aid to the ailing insurance giant American International Group. The government announced today it is giving AIG another $40 billion in bailout aid, but with some strings attached. Taxpayers will gain partial ownership. And there will also be restrictions on compensation for AIG executives.
AIG says continued financial market turmoil resulted in a large third-quarter loss.
New York-based American International Group Inc. said it lost $24.47 billion, or $9.05 per share, after a profit of $3.09 billion, or $1.19 per share, a year ago.
Results included pre-tax losses of $18.31 billion tied to the declining value of AIG by catastrophe losses and charges related to restructuring.
Excluding items, operating losses totaled $3.42 per share -- missing analysts' average loss estimate of 90 cents per share, according to Thomson Reuters.
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