Detailed text transcripts for TV channel - CNN - 20180806:04:37:00
>> it's 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. >> it's 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 he will be paid in the event that a financial institution, or a financial instrument fails. >> it'...
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