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Newspaper
Aiken Standard
Location
Aiken, South Carolina, United States of America
Date
Aug 08, 2009
Page
5
President Obama signed a law tripling the program budget to 2 billion dollars and extending the rebates until Labor Day. The Senate approved the extension to prevent a funding shortfall, aiming to spark auto sales and retire inefficient vehicles.
CIT Group Inc. said it received the final $1 billion of a $3 billion credit agreement and will suspend dividends on four series of preferred stock to boost liquidity during restructuring. The lender plans to use the funds to support small and middle market customers and has enough offers to complete a debt repurchase program.
American International Group Inc. reports a Q2 profit of 1.82 billion as asset values recover, though core insurance income falls amid a weak economy. Shares rise 4.11 to 26.64. CEO Edward Liddy says results may stay volatile due to restructuring and accounting charges. AIG has up to 182.5 billion in government loan support and seeks asset sales to repay it.
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