Sep 16, 2008 9:08 pm US/Eastern
Government To Give AIG $85 Billion Loan
WASHINGTON (AP) ―
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A man enters the American International Building, home to American International Group (AIG) on Sept. 16, 2008, in New York. The turmoil stemming from the collapse of Wall Street giant Lehman Brothers and a meltdown at AIG may force a rate cut.
Stan Honda/Getty Images
The Federal Reserve says the U.S. government has agreed to provide an $85 billion emergency loan to rescue the huge insurer AIG.
The Fed said Tuesday the U.S. Treasury Department was in full support of the decision.
The Fed determined that a "disorderly failure" of AIG could undermine already fragile financial markets.
(© 2009 CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
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