09-17-2008, 02:53 AM
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#20
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Senior Member
Join Date: Jan 2006
Location: Between Iraq and a hard place
Posts: 7,569
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Quote:
Originally Posted by MikeWaters
and who lost their insurance as a result? that's right, no one did.
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Quote:
Global ripples if firm were to fail
The failure of AIG could have caused unprecedented global ripple effects, said Robert Bolton, managing director at Mendon Capital Advisors Corp. AIG is a major player in the market for credit default swaps, which are insurance-like contracts that guarantee against a company defaulting on its debt. Also, it is a huge provider of life insurance, property and casualty insurance and annuities.
"If AIG fails and can't make good on its obligations, forget it," Bolton said. "It's as big a wave as you're going to see."
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http://money.cnn.com/2008/09/16/news...ex.htm?cnn=yes
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