Unpacking the insurance coverage giant’s collapse when you look at the 2008 financial crisis
The fresh failure and you will near-inability regarding insurance rates large American Internationally Group (AIG) was a primary second on recent financial crisis. AIG, a worldwide providers with about $step one trillion during the assets prior to the crisis, missing $99.dos million when you look at the 2008. For the Sep sixteen of the year, the brand new Federal Set-aside Bank of brand new York strolled into the which have an enthusiastic $85 million mortgage to store new a failure team of going lower than.
Because the AIG’s near-incapacity was a favorite and renowned experiences regarding the financial crisis, they offered an effective touchstone getting subsequent financial reform conversations, and you can a great deal of factual statements about AIG and rescue is in the social domain. (more…)