The government is taking steps to revamp the AIG bailout, after the company lost a mindbogglingly huge amount of money, $62 billion, in a single quarter.

“Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high,” Treasury said in its announcement.

So far, the government has spent $150 billion to keep AIG afloat.

If you’d like to read the statement by the Treasury Department, click here.

AIG suffers $62B loss, bailout revamped [CNNMoney]

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