Re:The ‘Greatest Corporate Failure in American History’
by k9quaint on Sunday December 20, 2015 @01:00PM
(#10767703)
The article also glossed over the fact that AIG waited until there was an $85 billion dollar hole in their balance sheet to contact the Treasury/Fed about it. The article describes this as
"In fact, the relative health of its business may have fucked it harder than all those credit-default swaps—as one of the last institutions to run out of cash, it was also one of the last to start seeking a lifeline from foreign wealth funds. "
The size of that hole and the fact that it was needed in a few days time ruled out any merger/acquisition or selling off assets (which could take weeks to price).
Also, Vice should probably not treat Hank Greenbergs lawyer as the source of truth since he has a very clear economic bias to paint AIG in the very best of light. He stands to gain a percentage of a massive settlement if he wins.
"In fact, the relative health of its business may have fucked it harder than all those credit-default swaps—as one of the last institutions to run out of cash, it was also one of the last to start seeking a lifeline from foreign wealth funds. "
The size of that hole and the fact that it was needed in a few days time ruled out any merger/acquisition or selling off assets (which could take weeks to price).
Also, Vice should probably not treat Hank Greenbergs lawyer as the source of truth since he has a very clear economic bias to paint AIG in the very best of light. He stands to gain a percentage of a massive settlement if he wins.