American (Inter) Nationalised Group

American International Group has set a doleful record. The insurer has reported a $61.7bn quarterly loss, the largest ever. The swelling of its woes also makes US taxpayers even bigger losers. Now the group is subject to yet another government rescue. The basic idea seems to be that the insurer pays less to get more. The interest rate on AIG’s credit line from the government is to be lowered closer to Libor, from three percentage points over Libor. The package also includes $30bn of preferred sh...