AIG Sucks, Go to Hell, You're the Devil.
AIG not only couldn't cover its debts, it had no idea how much it owed.
When AIG comes in-- By the way, AIG came into the Bush administration and said, we need $85 billion to cover the commitments
about AIG AIG is at the center is one of is it's it's one of the institutions that's most intriguing to explore I've
called AIG FP which is supposedly responsible for depending on which account you read 50 billion 100 billion
like AIG that's buying risk rather than lending money.
of AIG I think the answer to that is yes could they have done it with the power they had in the circumstances they were confronting I honestly don't
Banks AIG the insurance companies and perhaps the biggest of all were Fanny May and Freddy Mack which uh we seen as relatively safe because of some kind of
whole debacle in AIG I kind of had this I was walking down the street one day and probably around here somewhere
he worked at AIG the day after a IG blew up he would have something else he'd still have something to put in his resume he still have money
Anybody remember AIG from 2008?
division like AIG had at Berkshire.
bonuses to AIG employees about $150 million.
hadn't bailed AIG out, this wouldn't even be an issue because these people would be out of work.
David Wessel: AIG is something that should not have been allowed to exist.
billion going towards AIG you see that the opportunity cost um is really
with an AIG or Layman brothers so the tools that the authorities had were unfortunately limited they weren't up to the task I think that uh when you go back and look at what was going on inside the
folks at AIG um the same things at maril Lynch and so you know everybody wants a poster
funneled through AIG much of it then being passed through AIG to the counterparties everybody from Goldman Sachs on down were given a 100 cents on
so it's called aigo so all of our food wrap right now that we have is plastic
This is on Aiguille du Midi.
Germany Ilse Aigner encouraged Germans to fill out the form to send to google to be pixelated in Street View even
It was the Financial Products Division at AIG that had expanded a portfolio of credit default swaps that turned out to be toxic.
that you would see today at AIG , or at IBM, or probably even at Google.
Incorporated you have sent 170 billion to AIG Inc for a bailout payer name Barack Obama funding source
These are the things that got AIG into trouble.
uh people lost faith in AIG and and that's a company that you may have life insurance from or some other insurance
literally hours later they're dealing with AIG so I don't think you can look at any one of these things in isolation sure if they had six months to think
least and then later with AIG and the others that they needed to be that there was no choice that they didn't have another card to play.
to bail out the people who AIG owed money to we ctail that in the future the Federal Reserve if our bills pass will not have the power to go in and make
crisis with um Leman brothers or AIG I mean we did not have I did not perceive
debacle and the bailout of AIG where $180 billion dollar of tax money was
with citigroup what to do with aig these are issues where you would take people i think like brad delong paul krugman they agree on 98 of things but
she's got another product coming after aigo uh so what does she actually need and she gets exactly support she wants
solutions so what keeps me up aight is is solving scientific problems I don't solve society's problems I don't care about society's
And if you look at what was done with AIG and Fannie or Freddie in terms of management being replaced, parachutes going, et cetera.
enron's probably one of the better examples maybe AIG most recently the how wasn't so important it was all about the
American taxpayers gave AIG almost 180 billion dollars.
Q Can you talk a little bit about where the AIG money went?
Why did they decide they had to save AIG ? Because AIG had deals with almost everybody in the world. And they were afraid that if AIG went under
wouldn't hold it against us that we trained everyone at AIG and um you know hope there's no too much public anger at
because who knows um that is just insane uh AIG which the government uh
out but if you were a bond holder of AIG you didn't get wiped out uh if you were a bond holder of layman Brothers though you got devastated and so this kind of
clearly they did not impose a haircut on the counterparties to AIG clearly those
right now is this Robert bermo the CEO of AIG is making $7.3 million in a in a
Lloyd blank fine the same thing with the folks at AIG um the same things at maril Lynch and
you had WAMU you had of course the Leman Brothers AIG Fanny and Fredy in each
the Dollar on credit default swaps they had bought from AIG for no apparent
explained if we could break through and see aig 's radiating out into the Regulatory and financial
is less useful and it also creates situations like the AIG one where you know people are writing essentially writing hundreds of billions of dollars