Monday, March 9, 2009

AIG Warned of 'Crisis' if Government Didn't Help

Details are starting to emerge surrounding the lastest amount of money, $30 billion, that was given to AIG on top of the $130 Billion it already recieved.. From ABCnews

An AIG report to the Treasury Department last month warned that if the government didn't come to its rescue again, its collapse would trigger a "chain reaction of enormous proportions" that would "bankrupt the entire system" and make it impossible for AIG to repay the billions it already owed the U.S. government.

Click here to read their confidential report. It is mind boggling but there is one part that I find interesting on the last page. Capitalism may be alive and well with Obama..."Insurance is the oxygen of the free enterprise system. Without the promise ofprotection against life’s adversities, the fundamentals of capitalism are undermined".

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