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Despite a $143 billion federal rescue effort, American International Group seems to be tottering towards collapse. The giant insurer is quickly running through Federal Reserve lending and key executives are jumping ship, leaving some experts to wonder if bankruptcy might have been a better alternative.
Burning so much money so fast has raised suspicions that AIG had already incurred billions of dollars in losses when the federal government extended it the $85 billion emergency line of credit. According to media accounts, AIG has not provided details of how it has spent the money
Originally posted by pizzaguy
That's because of the ongoing Derivatives market. You'd think the financial sector would have stopped or been forced to stop selling the useless things after the bailout. Hasn't happened, you can still buy em and AIG is there for ya insuring the risk. These guys will never learn at this moment in history. At least not until the whole house of cards truly collapses.
Originally posted by johnsky
You know that feeling you get when you're watching a train wreck about to happen?...
Originally posted by Bspiracy
Seriously. This is the first time I've ever thought anything like that but reading this and seeing the way they have robbed people and are causing so much devastation..why in the hell can I not shoot to kill the men who are robbing from me and millions of others ?
Judge says loss in AIG scheme exceeds $500 million
By JOHN CHRISTOFFERSEN – 1 day ago
NEW HAVEN, Conn. (AP) — A federal judge has ruled that shareholders of American International Group Inc. lost more than $500 million as a result of a scheme to manipulate the financial statements of the world's largest insurance company.
The ruling Friday by Judge Christopher Droney means five former insurance executives convicted of the scheme could face up to life in prison under advisory sentencing guidelines.