Word: aig
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...financiers are being fingered for blowing up the global economy. The assets they traded are "toxic" and their bonuses "obscene." And members of the public, it seems, are fed up with the lot of them. In a leaked security memo sent to staff last week, bosses at AIG warned workers to keep an eye out for aggressors amid the "growing sense of public attention fueled by increased media scrutiny." AIG employees were advised to ditch AIG apparel or ID badges outside the office, and dial emergency services if they think they're being followed. "At night," the company suggested, "travel...
...DeSantis, Jake • self is distanced from AIG...
...AIG Financial Products • name of is changed to AIU Holdings, Ltd, as if that will in any way minimize public loathing...
...with it, thereby posing what regulators call "systemic risk" to the whole economy. "This is a prudent, carefully designed proposal to protect our financial system," Geithner said, arguing that if Treasury had had that power a year ago, it could have handled the collapses of Bear Stearns, Lehman and AIG very differently. Other Democrats said the power isn't so radical at all; the FDIC already takes over traditional banks on the verge of collapse - when the agency decides a firm is on the brink, it steps in, cleans it up and then turns it loose. (Read about AIG...
...could take, so that the days of making huge bets on the markets with relatively little in capital to back them up would be no more. And Geithner's plan would also for the first time subject exotic financial-derivative products, like the credit-default swaps that took down AIG, to federal oversight and market transparency...