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September 15, 2008
AIG teetering closer to brink, says New York Times
UPDATE: The NYTimes is reporting that the State of New York will allow AIG to borrow $20 billion from its own state-regulated subsidiaries.
ORIGINAL POST: Floyd Norris at the New York Times is "live-blogging" Wall Street crisis updates today. At 10:55AM he has some interesting analysis about the still-looming likely failure of insurance giant AIG: It was a couple of years ago that we learned AIG had sold, and bought, so-called finite insurance to manipulate financial statements.[...] Lesson: If you find out management is willing to cut corners in the financial statements, you should flee. Here's the published New York Times story Big Insurer Seeks Cash as Portfolio Plummets on the insurance company's "extraordinary" request for a Fed loan of $40 billion. Meanwhile, over at his Beat The Press blog, public interest economist Dean Baker says: The NYT Turns to the Arsonist to Analyze the Fire: Greenspan on Bank Bailouts.
Posted by Ed Mierzwinski at September 15, 2008 11:47 AM
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