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AIG chips away at TARP loan with $2.15B

WASHINGTON, Aug. 18 (UPI) -- The U.S. Treasury Department said Thursday American International Group clipped another $2.15 billion off its outstanding federal loans.

AIG received $180 billion in taxpayer assistance to get through the financial crisis that built to a crescendo in 2008. The company still owes the Treasury Department $51 billion, the government said in a statement.

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In addition, the Federal Reserve Bank of New York has loans of $18.8 billion tied to AIG.

For the recent $2.15 billion payment, AIG used proceeds from the sale of its Nan Shan life insurance subsidiary.

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