Federal Reserve Says AIG, Bear Stearns Rescue Loans Paid
Two of the biggest stories in 2008 at the start of what has become known as The Global Finance Crisis were the US Government bailout of American International Group Inc. (AIG) and the rescue of Bear Stearns Cos. Deemed "too big to fail" the Federal Reserve Bank of New York, often refered to as The Fed loaned these two companies a total of $53.1 Billion dollars.
It has just been announced that these loans have been paid back, with interest. This is vindication that the bailouts which were effective in reducing the stress on the US Economy did not come at a cost to the US taxpayer.
For a more detailed analysis of what went on and some of the huge numbers involved see this article Federal Reserve Says AIG, Bear Stearns Rescue Loans Paid on Bloomberg.com
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