AIG Gets 4th Government Bailout After Record Loss
The insurance giant lost $99 billion in 2008 but says its failure would have dangerous ripple effects
Reader Comments
Not Owned or Founded by China
AIG is not at all foreign owned! It was founded in Shanghai by a man named Cornelius Vander Starr who was from California. He traveled to China and founded AIG, then AAU. He sold insurance to the Chinese, the first Westerner to do this. In 1949 he brought the company AIG to the US and its headquarters has been in NYC ever since. AIG has offices all over the world, but it is not a Chinese owned company, nor was is founded by the Chinese. You should get the facts straight before you spout off your Obama crap.
AIG Bailout
Pelosi doesn't want it to fail & her desires hold a lot of weight in the current administration. AIG's stocks have to come back up, or her husband will lose millions of dollars.
That's probably one of the main reasons the government is pumping so many billions of dollars of taxpayer money into it - because so many members of Congress will lose money if the stock doesn't eventually rise in price.
AIG
Finally the public is starting to wake up to this scam. These companies have been behaving like spoiled children for far too long and the linguine spine politicians have been too afraid to tell them no for fear of losing their deep pocket contributors but, just like a parent who is afraid of alienating their child with tough love, eventually they will have to man up or the whole house will fall apart. America is the house and we have had enough! Politicians, STOP wasting our time and money. Let these idiots fail and the free market will be there to pick up the pieces that are left and worth picking up at price which the market will decide. Until that happens, no meaningful recovery can begin.
China calling
Founded 1919 in Shanghai, China, AIG is a foreign owned insurance corporation. Yes you read that right: the company is a CHINESE corporation. The 'American' in its name is anything but, likely using the term as a play on patriotism to elicit business.
At any rate the company isn't even among the top ten carriers anymore and hasn't been for years, with assets valued at less than $100B according to recent regulatory filings. The data is publicly available. As for being 'too interconnected to fail', its far more likely the company is instead interconnected to some key players pocketbooks.
It is a mystery as to why Obama insists on saving this sinking ship, a company that wasn't even founded on U.S. soil from the start. Heck if he's just gonna give away our money to the Chinese, why not just load up all the cash we have left onto a barge and send it over that way. At least that would be quicker.
AIG Bailout
Let AIG fold up. They deserve it. It's obvious that they are incapapble of even breaking even. And let's not forget that it was AIG that likes to spend money on lavish weekend getaways. A further slap in the face to every American taxpayer. Washington just needs to say "No" and let the bodies hit the floor.
AIG
The loans we are extending AIG are going to hamper our getting better in this economy. cut them loose and see if they can survive if not restructure them.
Maybe it's time
to break AIG up into more manageable parts. It obvious that the company can not function as structured. Where's the investigation into AIG's management? How can this one company hold the nation and possibly the world hostage with their failures?
$180 BILLION in aid... It's like we have created a drug addict that just can't be saved, at some point you have to cut your losses and deal with reality.
