The US Treasury Department has revealed that a number of its life insurance firms will be bailed out with the aid of a $700 billion fund, it has been revealed.
According to a report, the financial services industry will be rescued using the $700 billion which had initially been saved to bailout banks during the recession.
The report stated that the fund will now be used to bail out the insurance industry including firms such as AIG and a number of other life insurance firms.
However, the US Treasury Department stated that only some of those life insurers who own banks will be eligible for the loan.
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