AIG受助周年 救助仍在继续

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One year, two CEOs, and $82 billion since the government rescue of American International Group Inc., monsters are still rattling in the closet.  一年时间、两位首席执行长、820亿美元，这是美国政府对美国国际集团(American International Group Inc.，AIG)展开救助以来的数字，时至今日，AIG仍然有挥之不去的麻烦。
   
You wouldn't know it from the outside, with new CEO Robert Benmosche exuding confidence from his Croatian villa and AIG shares up 50% during the past four weeks. But inside the offices of AIG and its government minders, there is a push to rescue one of AIG's most important units. It is the largest airplane-finance company in the world, known as International Lease Finance Corp., and like much of this country, it can't pay its coming debts. 表面上是看不出来的。新任首席执行长本默切(Robert Benmosche)在自己位于克罗地亚的豪华别墅表示了信心，而AIG的股份在过去四周内也飙升50%。但在AIG内部和相关政府机构中，人们力图拯救AIG最重要的子公司之一国际租赁金融公司(International Lease Finance Corp.)。这间公司是全球最大的飞机租赁公司，与美国许多公司一样，它也无力支付即将到期的债务。
   
+ S5 T  S0 P) l' Z7 I- PAIG needs to save ILFC without hurting a core insurance business that has equity in the unit. And it must do so without raising the ire of taxpayers and shaiya gold Congress. In other words, AIG must figure out how to feed the beast without being consumed by it. AIG需要拯救国际租赁金融公司，而又不能损害持有这家公司股权的核心保险业务。同时还不能引起纳税人和国会的反感。换句话说，AIG必须想办法解决问题，同时保证自己不遭反噬。
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. d. t0 {- t9 CWhether there is the political will, the financial acumen, and the dumb luck to pull off all these objectives is an unknown. But taxpayers should tune in because a likely scenario is that they will end up paying for much of this smaller rescue, too.
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Scott Pollack
3 g9 R' E. J" \: G& Z要实现这些目标需要有政治上的决心、财务方面的精明和好运气，这些是否具备还是未知数。但纳税人应当关注，因为可能的情况是，他们最终也会为这一规模较小的救助行动埋单。
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Already, there is a consensus that the current ILFC doesn't make financial sense. The business, whose $47 billion balance sheet holds some 1,000 aircraft, used to piggyback off AIG's sterling credit rating. That meant it could issue debt at a low cost of just 4% to 5%, buy aircraft and lease them at higher rates. 已经有舆论认为，目前的国际租赁金融公司财务上已经不行了。这家公司的资产负债表规模为470亿美元，拥有1,000余架飞机，以前总是能借助AIG优异的信用评级。这就意味着它能够以4%-5%的低成本发行债券，用以购买飞机，并以较高的费率出租这些飞机。
   
5 G6 U+ K) J- F" S9 ?' ^The credit crisis pushed ILFC's borrowing costs up by nearly three times, according to a recent report by CreditSights. And there is a wave of debt coming due. The figure is about $18 billion over the next three years, and $30 billion overall. The problem is that bond investors aren't willing to re-up. 研究公司CreditSights最近的一份报告显示，信贷危机推动国际租赁金融公司的借贷成本增加了近3倍。而且有大量债务即将到期。该公司债务总规模300亿美元，未来三年到期的债务为180亿美元。问题在于，债券投资者不愿意再度投入。
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* e/ }# [4 h1 H- VThough ILFC still produces a large chunk of annual cash flow -- and has the explicit backing of AIG for 11 more months -- the company is in a clear liquidity crisis, with a shortfall of around $5 billion to $6 billion, according to people familiar with the matter. 知情人士说，虽然国际租赁金融公司每年会产生大量的现金流，同时AIG还将提供11个月的支持，但其显然陷入了流动性危机，资金缺口约为50亿-60亿美元。
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4 l4 I6 c  Y) |' Q/ p% cBankruptcy would be the normal course for companies in this bind. But neither AIG nor the government has given up on ILFC, as both hope to extract some shaiya money value from the company once considered AIG's crown jewel. 内容来自cuyoo  陷入这种情况的公司通常只有破产一途。但AIG和政府都没有放弃国际租赁金融公司，因为双方都希望从这家曾被视为AIG最宝贵财富的公司获取一些价值。
   
4 |% \  w% D6 ~/ a'AIG is working to pursue a business strategy that best positions ILFC for the long term, provides ongoing benefit to ILFC's customers and various stakeholders, and achieves enhanced value for its portfolio,' said company spokeswoman Christina Pretto. AIG发言人Christina Pretto说，AIG试图实施一种经营策略，从长远角度给国际租赁金融公司以最佳定位，为该公司客户和股东提供长久利益，并扩大其投资组合的价值。
   
8 r, S1 \/ u0 c) kThe Federal Reserve and the Treasury could agree to refinance tens of billions of ILFC debt at below-market rates, a move that would greatly increase their own risk and attract more AIG headlines. AIG has drawn on some $82 billion in loans and investments since its rescue last year, and has access to an additional $48 billion. 美联储(Fed)和财政部可能同意以低于市场水平的利率为国际租赁金融公司数十亿美元的债务提供再融资，这一举措可能会极大地提高这两家机构自身的风险，同时也会让AIG招致更多的注意。AIG自去年接受救助以来已经获得了约820亿美元的贷款和投资，并可再获得480亿美元。
8 n" \, z( Y& b0 D2 ?" Y8 p内容来自cuyoo
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3 v$ F& |1 Y) D( |5 mFed and Treasury officials have made clear they don't want to pursue this path, say people familiar with the matter. 知情人士说，美联储和财政部官员已经明确表示，他们不想走这条路。
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AIG also is expected to to plug other holes caused by ILFC's problems. One of its main insurance subsidiaries, National Union Fire Insurance Co., has a $4.5 billion equity stake in ILFC that is used to back customer policies. People involved in the situation expect AIG to draw down government funds to make up the difference -- protecting the insurer. An additional $3 billion held by AIG itself likely will be worthless.
酷悠好，好酷悠
AIG预计还要堵住因国际租赁金融公司的问题而造成的其他漏洞。其主要的保险子公司之一National Union Fire Insurance Co.在国际租赁金融公司拥有45亿美元股权，用于为客户保单提供担保。相关人士预计，AIG会寻求政府资金来弥补差额，从而保护这家保险公司。AIG本身所持的另外30亿美元股权也可能变得毫无价值。
   
These moves won't attract many headlines when they happen. But somehow ILFC will have to be fed, and the taxpayer will be doing the feeding. 这些举措发生的时候并不会吸引太多的媒体大肆报道。不过国际租赁金融公司的亏空总要想办法补足，而这将会是纳税人的事。
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4 ?* P" A2 `, hHappy Anniversary, AIG. 受助周年快乐，AIG。

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