Friday, March 06, 2009

AIG "Was Going to Bring Down Europe"

CNBC reported The U.S. government rescued giant insurer American International Group in part because its collapse would dramatically hurt European banks,
Then why should we bail it out. Why didn't the EU do it?
a senior Democratic lawmaker said on Thursday. The U.S. government has bailed out AIG three times since Sept. 16 and committed about $180 billion to keep the insurer alive and doing business.
If it is in that bad a sape it needs bankruptcy, just like GM
"One of the reasons we had to rescue AIG was the fact that it was going to bring down Europe," Pennsylvania Rep. Paul Kanjorski told reporters after his subcommittee held a hearing on systemic risk.

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