US Financial Crisis: The Bailout of AIG
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Code : ECC0018
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Region : Global |
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Introduction: Federal government, emerging as a kingpin of US finance system, in a dramatic move on September 16th 2008, extended a loan of $85 billion to help its foundering, American International Group, Inc. (AIG) – one of the world's biggest insurers – in exchange of Fed or Treasury to take effective control of the company. This move came just two days after a big investment bank, Lehman Brothers, filed for bankruptcy after being denied for federal help and another Wall Street giant Merrill Lynch (Merrill), embraced Bank of America with fears raising that it might be the next to get caught in the stampede of battering global financial markets. |
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