White House says Bush backs Fed move to help AIG

U.S. President George W. Bush backed the Federal Reserve’’s agreement to loan up to $85 billion to troubled insurer American International Group Inc <AIG.N>, the White House said on Tuesday, saying the steps were aimed at stabilizing the markets and protecting the economy.

“The President supports the agreement announced this evening by the Federal Reserve,” said White House spokesman Tony Fratto. “These steps are taken in the interest of promoting stability in financial markets and limiting damage to the broader economy.” (Reuters)

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