Unpacking the insurance giant’s failure inside the 2008 financial crisis
The new collapse and you may close-inability out of insurance coverage giant Western Global Category (AIG) is actually a major second on recent economic crisis. AIG, a global company approximately $step one trillion during the possessions before the drama, lost $99.dos billion in 2008. To the Sep sixteen of these seasons, this new Federal Put aside Bank of brand new York stepped within the having an enthusiastic $85 million financing to save the new a failure business regarding heading significantly less than.
Just like the AIG’s close-incapacity are a popular and you will renowned experience on overall economy, they given a great touchstone to possess then monetary change conversations, and you may a great amount of information regarding AIG as well as the cut is within the social domain. (more…)