AIG shaves bailout sum – Company finds billions in sofa cushions

Troubled insurer American International Group announced today it will need only $18 billion in a fourth installment of emergency federal aid, not the $30 billion announced Monday. The announcement came after AIG says an internal audit discovered an additional $12 billion in company funds.

“During the review, the auditors discovered $500 million in the sofa cushions of their temporary offices,” explained AIG spokeperson Janet Rasacheck.

“A company-wide email asking all employees to check their sofas subsequently uncovered another $10.5 billion,” Rasacheck said.

Rasacheck also said that AIG Chairman and CEO Edward Liddy found $1 billion he had forgotten about in the pocket of a windbreaker he last wore in September, bringing the total to $12 billion.

At the White House, President Obama applauded AIG for emphasizing reform and responsibility, according to press secretary Robert Gibbs. “The president says AIG’s efforts should serve as an example for business and government leaders. He has also ordered the Government Accountability Office to examine the Bush Administration’s office furniture now in storage. Hank Paulson’s sofa might turn up a few billion,” said Gibbs.

In other news, the Iraqi government today reported finding $5 billion in a dryer lint trap in the laundryroom of the former American Embassy.

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