AIG's crash and burn is still having local reverberations with the MTA now seeking $165 million in government funds to cover a potential deficit. "The deficit is the result of lease deals that were insured by the massive AIG company, which received a $85 billion federal bailout in September. The company's failure triggered clauses in the deal that now leave MTA faced with the need to find a new financial partner with a strong credit rating to take AIG's place. With few companies looking to guarantee new debt, MTA's officials believe their best prospects might be with the federal government." [Star-News]
Filed under:
Bail Us Out, Too
The Latest
Curbed LA Is Closing
Head to Curbed.com — soon to be a part of the New York Magazine family — for more of the Curbed LA that you know and love.
Koreatown Craftsman With Lots of Hand-Carved Woodwork Asks $1.5M
Built in 1910, the house sits on a lush property that includes a recording studio out back.
Loading comments...