State of Ohio Received Some of AIG’s Bailout
Filed under: State of Ohio Govt, U.S. Economy, U.S. Financial Crisis
You can add $490 million to Ohio’s federal stimulus total.
That’s the amount Ohio has received from AIG since the federal government put the world’s largest insurer on life support last fall. Sunday evening AIG released information regarding how it spent over $70 billion of the $180 billion it has received from U.S. taxpayers through the U.S. Treasury Dept. and the Federal Reserve. Ohio and several other states were on the list of businesses or government entities for which AIG used federal funds to settle debts.
From AIG’s press release on Sunday:
Municipalities in the states listed on Attachment C received a total of $12.1 billion from AIGFP between September 16, 2008 and December 31, 2008 in satisfaction of Guaranteed Investment Agreement (GIA) obligations. GIAs are structured investments with a guaranteed rate of return. Municipalities typically use GIAs to invest the proceeds from bond issuances until the funds are needed.
Screen Grabs from Attachment C:
