American International Group has notified shareholders that it is giving the government a 79.9 percent preferred stock interest in the company without obtaining stockholders' approval.
The company agreed Sept. 23 to give the government stock in exchange for an $85 billion loan to help it through its liquidity crisis. The notice to stockholders went out Friday.
The company has signed a credit agreement with the Federal Reserve Bank of New York for a two-year, $85 billion revolving credit facility.
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