Page 59 - Aig News Today

History. >> neil: share. >> i think what a lot of people are forgetting, march of 09, the banks to the bankruptcies of bear stearns, merrill lynch, aig, was on the verge of its own bankruptcy. from march of 09 to mark the election of 16, the fed policymakers in washington did an artful job of restoring confidence in the american economy and boosting back the market to where it really, from the fundamental standpoint, should have been. i think, what we need to measure in terms of the length of th...

Bank didnt have to just repossess annies house, they had to repossess millions of houses, put them all on sale and the bottom line is they werent worth much money so this is what brought us to the brink of collapse. >> losses forced some financial institutions to go out of business or be sold. look at all those names that dont exist anymore. aig nearly collapsed. the federal government moved in. congress approved a $700 billion bailout program. the federal reserve bought government securities an...

Insurance, it would be regulated. >> aig essentially facilitated a lot of the mortgage securities by essentially providing an insurance policy should they go bad. but because the derivatives market had been deregulated, aig could do this without any requirement to put up reserves. its like an insurance company selling you a life insurance policy and not having money when the time came to pay off. and the time came to pay off. >> aig must raise at least $40 billion and fast. >> you had a full-sca...

>> its the latest crisis to rock the markets. aig teetering on the brink of bankruptcy. if it fails, the ripples will travel far and wide throughout the economy. >> who would have dreamt this other bombshell goes off, which was aig. >> its this massive insurance company. but they also had a division called aig financial products, which would offer something called a credit default swap. >> a credit default swap is a contract between two people. one of whom is giving insurance to the other, that ...

Geithner, they saw the risk that this could be not just a fire that would burn wall street down, but could burn down our economy and burn down the world economy. >> it is uncle sam to the rescue. but what a price tag. >> the federal government is saving insurance giant, aig, from possible collapse with an $85 billion loan. all of it, your money. >> the move was designed to calm and bring stability to the financial markets. did it work? maybe, down the road, but not today. >> another anxiety atta...

>> after they got their 84 million bailout. aig executives spent hundreds of thousands on fancy hotels and spa treatments. >> they were getting their manicures, their facials, their pedicures and massages. while, american people wrer footing the bill. >> your company is bankrupt. the economy is in a state of crisis. but you get to keep $480 million. >> continuing source of frustration that, essentially, no one at the big banks was ever prosecuted or held accountable for this. >> i do not think t...

The risk that this could be not just a fire that would burn wall street down, but that could burn down our economy and burn down the world economy. >> it is uncle sam to the rescue. but oh, what a price tag. >> the federal government is saving insurance giant aig from possible collapse with an $85 billion loan. all of it your money. >> the move was designed to calm and brink stability to the financial markets. did it work? maybe down the road, but not today. >> another anxiety attack on wall str...

Be regulated. >> aig essentially facilitated the creation of a lot of the mortgage securities by essentially providing an insurance policy should they go bad. but because the derivatives market had been deregulated, aig could do this without requirement to put up any reserves. its like a company selling you life insurance policy and not having any money when the time came to pay off. and the time came to pay off. >> after its credit rating was downgraded overnight, aig must raise at least $40 bi...

Crest. healthy, beautiful smiles for life. the $85 billion the federal reserve put up to save aig from near certain bankruptcy was not enough to calm terrified investors that the next disaster is not around the corner.

Street survived, quite nicely, i might add. >> after they got their $84 million bailout aig executives spence hundreds of thousands of dollars on fancy hotels and spa treatments. >> they were getting their manicures, their facials, their pedicures and their massages while american people were footing the bill. >> your companys now bankrupt, our economy is in a state of crisis, but you get to keep $480 million. >> its been a continual source of frustration that essentially no one at the big banks...