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2 edition of The collapse and federal rescue of AIG and what it means for the U.S. economy found in the catalog.

The collapse and federal rescue of AIG and what it means for the U.S. economy

United States. Congress. House. Committee on Oversight and Government Reform.

The collapse and federal rescue of AIG and what it means for the U.S. economy

hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Eleventh Congress, first session, April 2, 2009

by United States. Congress. House. Committee on Oversight and Government Reform.

  • 308 Want to read
  • 26 Currently reading

Published by U.S. G.P.O., For sale by the Supt. of Docs., U.S. G.P.O. in Washington .
Written in English


Classifications
LC ClassificationsKF27 .O94 2009b
The Physical Object
Paginationiii, 83 p. :
Number of Pages83
ID Numbers
Open LibraryOL24577057M
ISBN 100160841143
ISBN 109780160841149
LC Control Number2009438636
OCLC/WorldCa440810204

  When AIG s counterparties began asking for that collateral back, AIG chose to pay back in cash instead of defaulting. While such a default is never a first choice, it would have resulted in AIG s counterparties being left with a basket of U.S. Treasuries, among the only safe investments during the peak of the crisis.   The government came to the rescue of AIG in September , at the depths of the financial meltdown. It did business with hundreds of firms around the world, and officials feared its collapse.

  The federal government said Monday that it would give floundering insurer American International Group access to an additional $30 billion in U.S. taxpayer money as part of a newly revamped rescue.   And as the subsequent rescue of A.I.G., the insurance giant, demonstrated, a rescue could have included substantial protections for taxpayers. Back in , the Fed possessed broad authority to.

Sure, AIG would be the beneficiary of a $ billion rescue, but the company would have to pay back the money with interest, and the government would take roughly 80% of AIG’s stock.   Look Inside My Book!: ***** My Free eBooks: FLUORIDE: http://fluor.


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The collapse and federal rescue of AIG and what it means for the U.S. economy by United States. Congress. House. Committee on Oversight and Government Reform. Download PDF EPUB FB2

Get this from a library. The collapse and federal rescue of AIG and what it means for the U.S. economy: hearing before the Committee on Oversight and Government Reform, House of Representatives, One Hundred Eleventh Congress, first session, April 2, [United States.

Congress. House. Committee on Oversight and Government Reform.]. Collapse and federal rescue of AIG and what it means for the U.S. economy iii, 83 p. (DLC) (OCoLC) United States. Congress. House. Committee on Oversight and Government Reform.

Collapse and federal rescue of AIG and what it means for the U.S. economy 1 online resource (iii, 83 p.) (OCoLC) Material Type.

The collapse and near-failure of insurance giant American International Group (AIG) was a major moment in the recent financial crisis.

AIG, a global company with about $1 trillion in assets prior to the crisis, lost $ billion in On September 16 of that year, the Federal Reserve Bank of New York stepped in with an $85 billion loan to. September 16 The Federal Reserve, with the support of the U.S.

Treasury, authorizes the New York Fed to lend up to $85 billion to AIG through a revolving credit facility in return for a % Author: Jessica Alling. Hank Greenberg, who retired as chairman and chief executive officer of American International Group (AIG) intestified about the history of the company and what led to the need for federal.

Former Treasury Secretary Timothy Geithner repeats this traditional line in his recent book, where he recounts how an aggressive hedge fund-like subsidiary called AIG Financial Products brought the otherwise healthy insurance company to its knees and ultimately drove it into the Fed s welcoming Federal Reserve chairman Ben Bernanke.

The amount the U.S. government eventually made in interest payments for its AIG bailout. The Federal Reserve issued a loan to AIG in Author: Gregory Gethard. (shelved 1 time as economic-collapse) avg rating — 1, ratings — published Want to Read saving. Too big to fail is a phrase used to describe a company that's so entwined in the global economy that its failure would be catastrophic.

Big doesn't refer to the size of the company, but rather it's involvement across multiple economies. Former President George W. Bush's administration popularized "too big to fail" during the financial crisis. In fact, for "Exhibit A," let's just look at the collapse of U.S.

insurance giant American International Group Inc. [ ] Vote Up 0 Vote Down Reply March 4, pmAuthor: Shah Gilani. Ex-AIG chief Greenberg can pursue Spitzer defamation lawsuit Oversight and Government Reform hearing on The Collapse and Federal Rescue of A.I.G.

and What It Means for the U.S. Economy on. This is the only book I could find devoted to the AIG collapse of and it's disappointing. Hard to follow, uninspiring reading. But since it's probably the only one I guess I'd have to recommend it.

Actually, Matt Taibbi in his splendid "Griftopia" book devotes an Cited by: 9. AIG Collapse and Rescue, Liddy Testimony American International Group (AIG) executives testified about the use of public bailout funds by the company and previous J   And thanks to what's called "mark-to-market" accounting, AIG could book the profit from a five-year credit default swap as soon as the contract was sold, based on the expected default rate.

Whatever the computer said AIG was likely to make on the deal, the accountants would write down as actual profit. The Lehman Brothers collapse will go down as one of the biggest financial failures in history - but how did it start, and what has the economy learned Author: Anne Sraders.

forward the idea that the AIG collapse justifies the idea of an Optional Federal Charter (OFC). NAIC makes a valid point: AIG’s collapse does not prove that the United States needs federal oversight of insurance and there’s no way to know for certain if a federal charter would have done anything to prevent the insurance company’s collapse.

Former Federal Reserve Chairman Ben Bernanke reported that the $ billion bailout of the American International Group made him angrier than anything else in the recession. Bernanke said that AIG took risks with unregulated products like a hedge fund while using cash from people's insurance ke added that the government had no.

AIG's collapse ¾The decline in real estate prices and the market value of mortgage backed securities. ¾As a result of the decline in AIG's capital reserves, Standard & Poor's and Moody's Investors Service downgraded AIG from triple A to the single A level.

¾These rating downgrades to the single-A level triggered collateralizationFile Size: KB. AIG's rescue calls for the U.S. Federal Reserve to lend up to $85 billion to AIG for two years in exchange for a per cent equity stake.

if it was allowed to collapse. AIG will pay. American International Group, Inc., also known as AIG, is an American multinational finance and insurance corporation with operations in more than 80 countries and jurisdictions.

As of January 1,AIG companies emplo people. The company operates through three core businesses: General Insurance, Life & Retirement, and a standalone technology-enabled Founded: Decem ; years ago.

Impact Of AIG Bailout Examined The federal government has bailed out American Insurance Group with an $85 billion rescue package. Diane Brady, senior editor at Business Week, says though it's.Ross Sorkin's book 'Too Big To Fail' was the supreme journalistic account of the Bush Administrations fervid attempts to stave off a collapse of the US economy which would have had disastrous consequences for the Global economy.

Financial mayhem, of a severity perhaps not encountered before would have ensued.4/5(). This is the first novel to my memory that looks at dystopia after an economic collapse.” “The author’s portrayal of how easily our lives can be .