Wall Street sees yet another corporate bailout this afternoon as the U.S. government helps international insurance giant, AIG.

We follow coverage from CNBC, Al Jazeera English, The UK’s Guardian and CNN. The $40 billion rescue package came after the insurer posted its largest loss in its 89-year history.

An AIG collapse would potentially have devastated markets, creating billions of dollars in losses for taxpayers.
CNBC spoke with AIG CEO Edward Liddy regarding the financial aid package.

“You know, I think AIG has to survive. I think that is important for the financial stability. A Lehman Brothers and AIG not here would be a real shock to the system. I don’t think that would be good for anybody, so I think AIG must survive. This gives us the breathing room to do that. “ (CNBC)

This $40 billion injection follows the government’s failed attempt to rescue the insurer months earlier.
The government assistance to AIG now totals $150 billion.

According to Al Jazeera English, “the $150 billion the government has now made available to AIG is thought to be the largest amount of assistance ever provided to a single company.” (Al Jazeera English)

The UK’s The Guardian reported, “the package includes a freeze on the bonus pool for 70 top executives and imposed limits on severance benefits.” (The Guardian)

Liddy noted that money from the government doesn’t come for free, however.  
He told CNBC the insurer will have to make payments to the government in order to receive the benefits of the bailout package.

"You know, sometimes people characterize this as a bailout and clearly we’re being helped by the government, but we’re paying a lot of money for the money we are receiving." (CNBC)

CNN reports that questions about potential government assistance for other troubled companies, such as General Motors, are being raised as well.

Monday, a US Treasury official said, “Clearly there are other industries interested in accessing TARP (Troubled Asset Relief Program) funds, and the Treasury will continue to work on a strategy that will most effectively deploy the remaining funds.” (CNN)

Despite some criticism, analysts on CNBC see the government assistance to AIG as necessary.

"AIG was seen as the systemic risk to the financial system given that it had a $40 billion dollar book of credit default swaps, for example, and was connected into so many different markets." (CNBC)

What’s your take on the government bailout of AIG? Should the government give assistance to other troubled companies like General Motors?

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