American International Group, in a confidential gloom-and-doom discussion paper obtained by National Underwriter, has warned government regulators that unless it is kept afloat, there would be "turmoil in the U.S. economy and global markets," with potentially "catastrophic" results.
The "strictly confidential" document–entitled "AIG: Is the Risk Systemic?"–has undergone several drafts. The one obtained by NU was dated Friday, March 6, and was prepared with government input, NU has learned.
After reporting a record $61.7 billion fourth-quarter loss to start the month, AIG announced that the terms of government support for the conglomerate were eased, with federal regulators agreeing to provide $30 billion in additional capital.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
- Educational webcasts, resources from industry leaders, and informative newsletters.
- Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
