The New York Times has a good article that explains why AIG is in so much more trouble than any of the other financial firms. Go read it. "Propping Up a House of Cards" is a good description.
Next week AIG is going to post the greatest quarterly loss that any American corporation has ever reported. It even surpasses the very worst losses by General Motors. Maybe the money spent to prop AIG up would have been better spent helping Detroit auto firms.
No comments:
Post a Comment