AIG Asks For A Favor. Who Didn’t See That One Coming?
I’ve already called AIG an attention… well, let’s just say it seems to enjoy making a scene. And it appears as if once again, the formerly prosperous firm just couldn’t resist taking national spotlight one more time as 2008 ekes out its last hours.
As if it hasn’t already been given enough government slack, it’s now preparing to ask the Federal Reserve to relax rules on how bidders pay for assets according to an article in the Financial Times today.
It claims that this will boost competition for the assets in a few different ways; both by allowing bidders to pay using a greater portion of shares or giving them the option of paying by installments. As it stands now, the company is limited to interested parties who can pay 90% or more in cash upfront.
It’s a cheeky move, but since the Fed has such an invested interest in AIG’s success at this point - think a minimum of $150 billion, which was the loan agreed upon back in November - the fault financial institution will no doubt get its own way… again.
Wednesday, December 31, 2009 — by Jeannette Di Louie, Assistant Editor of Mt. Vernon Research
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