AIG:Financial disaster to dwarf Lehman looms

[Sweetpea]

A financial disaster that would dwarf the Lehman Brothers bankruptcy loomed today as one of the world's biggest insurers was shaken to its foundations.
Shares in American International Group (AIG) today fell 43.28 per cent amid fears that a £42 billion rescue package might fail to materialise.
David Paterson, the New York Governor who is coordinating efforts to bolster the insurer, gave warning that the insurance giant had just one day left to resolve its financial problems before triggering "catastrophe".
AIG, once the world's largest insurance company, has 116,000 staff — four times more than Lehman Brothers, the US investment bank that filed for bankruptcy yesterday — and its collapse could have a cataclysmic effect on global markets.

Financial disaster to dwarf Lehman looms as AIG takes a pounding - Times Online

If you have warranties of goods you have bought, have a look to see if they are connected to AIG. We have just been to Comet to withdraw ours. Part of the sales spiel is bragging that the insurance is covered by AIG.

[Churchill]

You know when times are hard when there's no insurance for the insurers.

[Sweetpea]

Well Comet insisted the warranty was underwritten by another company and there was no risk, but what is bigger than AIG?

[Haqa]

Couldn't happen to two groups more deserving of the exact misery they've not been in the least bit interested in helping others out of in the past...

Sorry, but I can't feel sorry for the banking or insurance industries when I think of all the liberties they've taken against me personally... and I'll bet I'm far from alone in this...

H.

[Sweetpea]

I agree with you. Time for a shake-up I think.

[Bruv]

If this writer is to be believed change is on the way.....


Almost exactly seven years ago Al Qaeda terrorists targeted their hijacked planes into the Twin Towers at the heart of New York’s financial centre — and the world was transformed.
There were no deaths this week, but the effects of the carnage on the financial
markets will be far more profound and destabilising than the 9/11 atrocity.
For almost all of us, it will, I predict, be a change for the worse, and for a large
minority the consequences will be extremely distressing.