March 3, 2009
AIG need to step up
Story link: AIG need to step up
The problem is, while the failure of such companies is devastating to the financial industry on a world wide basis, how much can be burdened on the taxpayer?
Surely the funds could be put to better use?
“The ensuing panic would be disastrous,” he said.
AIG was saved from bankruptcy last September, just days after the collapse of investment bank Lehman Brothers, with $85 billion in taxpayer funds that later swelled to $150 billion. The company has tried to plug its deepening financial problems by raising funds through asset sales but has found few buyers in the current environment.