Insurance agency AIG reported that it’s losses for the first quarter of 2009 were drastically smaller than those record setting losses they posted in the fourth quarter of last year. This quarter AIG posted a loss of 4.35 billion, this was much better than the 61.7 billion they lost in the fourth quarter of 2008. AIG has received nearly 180 Billion dollars in loans from the federal government in order to stay business. In exchange for the funds, the federal government now has control of approximately 80 percent of the firm.
The improvements made by AIG are just further evidence that the recession may becoming to an end, but that we aren’t out of the woods yet. Also proven by AIG’s reports is that we can now assume the government is going to attempt to be more involved in working with the banking and insurance agencies.
http://news.yahoo.com/s/ap/20090507/ap_on_bi_ge/us_earns_aig
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