Financial crisis

We know risk

foreign affairs jan-feb 2006 aig.jpg

From TradingMarkets.com:

China Life Insurance Co. Ltd., the largest domestic insurer in China, confirmed it has 'already dropped out' of bidding for American International Assurance Co. Ltd., the Asian life insurance subsidiary of the credit-troubled American International Group Inc., citing an 'inappropriate' investment proposal.

Meanwhile, the New York Times reports:

U.S. Is Said to Offer $30 Billion More to Help A.I.G.

The federal government agreed Sunday night to provide an additional $30 billion in taxpayer money to the American International Group and loosen the terms of its huge loan to the insurer, which is preparing to report a $62 billion loss on Monday, the biggest quarterly loss in history, people involved in the discussions said.

The intervention would be the fourth time that the United States has had to step in to help A.I.G., the giant insurer, avert bankruptcy. The government already owns nearly 80 percent of the insurer’s holding company as a result of the earlier interventions, which included a $60 billion loan, a $40 billion purchase of preferred shares and $50 billion to soak up the company’s toxic assets...

...But the deal also presents more financial risks to taxpayers at a time when the public and Congress have been sharply questioning the wisdom of risking federal money to bail out private enterprises.

Which makes the AIG advert reproduced above all the more hilarious. The ad appeared on the back cover of Foreign Affairs magazine's January - February 2006 issue:

Advertising services as diverse as 'mortgage guaranty insurance' and 'aircraft leasing for airlines', the copy includes the following:

...The AIG group of companies have more ways to help manage risk and more financial solutions than any other organization on earth...

...AIG: We know risk

Indeed.

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There are currently 4 Comments for We know risk.

Comments on We know risk

Just checking you're still around; without you the place would be a lot less interesting...

Rumors of my death or detention have been.... still around.

Ironically the reason I like you is because of your anti-Western media or something equivalent comments that I knocked at because I found it unfounded. I just feel that this particular point of view is rather isolated and unfounded; if I wanted neoliberalism unbound, I'd go to Peking Duck. If I wanted Chinese nationalists blogging in English, I'd go to Fool's Mountain.

Actually, I hate you all, but I'd feel diminished by the loss of any of you guys.

Please remove the second unfounded after isolated, that is not even a Freudian slip.

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