American International Group's financial troubles were too deep for private capital to be raised in a short period of time and only the U.S. Treasury was in a position to finance the bailout of the insurer, said financier Warren E. Buffett.
The billionaire owner of the insurance holding company Berkshire Hathaway Inc., Omaha, Neb., made the observation last night on the “Charlie Rose Show” on PBS during a wide-ranging interview on the economy.
Mr. Buffett said that we are going through a “very, very tough period,” and that he never thought he would see the day that “AIG's checks wouldn't clear.”
Recommended For You
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:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
