AIG gets bailout from feds - WALB.com, Albany News, Weather, Sports

AIG gets bailout from feds

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By Len Kiese - bio | email

September 16, 2008

ALBANY, GA (WALB) - The high cost of gas isn't the only thing hurting your wallet. Financial institutions are hurting and that's trickling down. One got a bailout Tuesday night.  

Insurance giant AIG is on the brink of bankruptcy. Tuesday night, the government agreed to an $85-billion loan to keep the company afloat. Darton College Assistant Professor of Economics Aaron Johnson says depending on the terms of the agreement, taxpayers could be affected.

He says AIG's circumstances and the fed bailout could impact everything from insurance costs to the economic policies of both presidential candidates.

"With Obama, he's interested in increasing the infrastructure by providing more help to middle class taxpayers but if the budget deficit starts to increase because of this, it's going to leave less room for him. McCain wants to lower taxes and if he's not able to get the cuts in government spending, that's going to affect his plan," said Johnson.

In return for the bailout, the federal government will receive a nearly 80-percent stake in the company.

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