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.
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