American International Group Inc. appears to be stable, primarily as a result of a huge infusion of government financial aid, according to U.S. Government Accountability Office officials.
The federal cash infusion appears to be facilitating a “more orderly restructuring of the company” than would have taken place without government assistance, GAO officials write in an update on the Troubled Asset Relief Program to AIG, New York.
The Federal Reserve System and the U.S. Treasury Department have made more than $182 billion in aid available to AIG since March 2008, GAO officials write.
The balance stood at $129.1 billion Dec. 31, 2009, up $8.4 billion from what AIG owed Sept. 2, 2009, officials write.
The AIG Financial Products unit has continued to unwind its credit default swap positions, GAO says.