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If AIG Goes Down...Yikes!
posted by Geordie
Geography: USA
Topics: economics, Capitalism, financial crisis, crisis, economy, insurance
March 9, 2009
If AIG Goes Down...Yikes!
Fours days before receiving a second bailout to the tune of $30 Billion, AIG issued a confidential internal memo regarding what could happen if the insurance company failed.
Doomsday scenarios included:
- The potential for cascading failure of US insurance companies
- The potential that US companies in foreign companies could be permanently lost to nationalization
- A run on the US dollar
- Destroy US retirement savings
- General economic meltdown similar to that of Lehman Brothers
Happy reading!
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