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AIG Has Borrowed $90.3 Billion

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AIG, the giant insurer that was nationalized by the government because of its exposure to subprime mortgages, said that it has used $90.3 billion of the credit line it received from the Federal Reserve Bank in September. On October 22, AIG’s government-appointed CEO, Edward Liddy, said AIG may need more than $122.8 billion to continue operations.

There were published reports that two additional U.S.-based insurers–MetLife, which reports earnings October 29, and Prudential–might seek government funds from the Treasury Department’s $700 billion purse to shore up their operations.

In The Netherlands, the big insurer Aegon–parent company of TransAmerica–said it might take advantage of the Dutch government’s capital injection program that ING has already tapped into.


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