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Troubled Asset Relief Program: Status of Government Assistance Provided to AIG
Gene L. Dodaro (au)
GAO’s 7th report on the Troubled Asset Relief Program (TARP) focuses on the initial assistance the government provided to American International Group, Inc. (AIG) — an organization with over 200 companies operating in over 130 countries and jurisdictions and $830 billion in assets — in Sept. 2008 and the restructuring of that assistance in Nov. 2008 and March 2009. The unfolding crisis threatened the stability of the U.S. banking system and the solvency of a number of financial institutions, including AIG. In Sept. 2008, downgrades of AIG’s credit rating prompted collateral calls by counterparties and raised concerns that a rapid and disorderly failure of AIG would further destabilize the markets. As a result, the Board of Governors of the Fed. Reserve System authorized the Fed. Reserve Bank of New York (FRBNY), in consultation with the Dept. of the Treasury (Treasury), to provide assistance to AIG. This report describes (1) the basis for the fed. assistance, (2) the nature and type of assistance and steps intended to protect the government’s interest, and (3) selected GAO-developed indicators of the status of fed. assistance and AIG’s financial condition. To do this, GAO reviewed signed agreements and other relevant documentation from the Fed. Reserve, FRBNY, Treasury, and AIG and interviewed their officials, among others. To develop the indicators, GAO reviewed rating agencies’ reports, identified critical activities, and discussed them with the above named agencies and AIG. Tables and figures.
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