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Posted AT 12:19 AM EST on 17/09/08

U.S. takes control of AIG to stave off panic

PAUL WALDIE AND BOYD ERMAN

From Wednesday's Globe and Mail

The U.S. government moved to take control Tuesday night of American International Group Inc., one of the world's largest insurance companies, with a rescue package that includes up to $85-billion (U.S.) in loans. The historic move by the U.S. Federal Reserve to take over AIG came after a frantic day of negotiations that saw the company come close to filing for bankruptcy protection.

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