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After assessing that a disorderly failure of AIG could worsen the current financial and economic crisis, [38] and at the request of AIG, the Federal Reserve Bank of New York intervened. The Federal Reserve required a 79.9 percent equity stake as a fee for service and to compensate for the risk of the loan to AIG. [14]
source: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, p.229, figure 11.4 Credit rating agencies came under scrutiny following the mortgage crisis for giving investment-grade, "money safe" ratings to securitized mortgages (in the form of securities known as mortgage-backed securities (MBS) and collateralized debt obligations ...
However, AIG did not have the financial strength to support its many CDS commitments as the crisis progressed and was taken over by the government in September 2008. U.S. taxpayers provided over $180 billion in government loans and investments in AIG during 2008 and early 2009, through which the money flowed to various counterparties to CDS ...
American International Group (NYSE: AIG) just got $30 billion more of our money over the weekend. There were no pesky Congress members debating whether to give it our billions -- just a feverish ...
I sat down with former AIG chairman and CEO Hank Greenberg this week. We talked about everything from AIG's early days, its growth, to its downfall and bailout in 2008. Below is one of the most ...
Hank Greenberg, former chairman and CEO of AIG , sued the government last year for $25 billion, related to the 2008 bailout of the company he founded and built. The common response when hearing ...
AIG Financial Products Corporation (AIGFP) is a subsidiary of the American International Group, headquartered in New York, New York, with major operations in London. The collapse of AIG Financial Products, headquartered in Wilton, Connecticut , is considered to have played a pivotal role in the global financial crisis of 2008–2009 .
The more I learn about why we've committed $180 billion to a company that lost $99 billion in the last year, the more I scratch my head and wonder: Why we don't just let it fail? The answer that ...