AIG
Look away now if you're bored/scared by financial issues and the credit crunch.Otherwise ... when Lehman's collapsed yesterday I was wondering why quite a lot of the papers were also mentioning AIG Insurance. This post from Robert Peston explains why: basically banks around the world have insured their dodgy mortgages with AIG to the tune of over $300 billion. If AIG goes down, it'll make what's happened so far in the credit crunch look like a minor detail. Or in Peston's own words "a number of banks' balance sheets would be mullered".
What a bunch of bankers, eh.
posted by Iain @ 20:12
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