The AIG Debacle Global Impact and the Need for Government Intervention Global Impact and the Need for Government Intervention 1st Edition by Peter Wayland ISBN 1607419904 978-1607419907

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Product details: 

ISBN 10: 1607419904 

ISBN 13: 978-1607419907

Author: Peter Wayland

American International Group, Inc. (AIG) (NYSE: AIG) is an American insurance corporation. According to the 2008 Forbes Global 2000 list, AIG was once the 18th-largest public company in the world. It was listed on the Dow Jones Industrial Average from April 8, 2004 to September 22, 2008. AIG suffered from a liquidity crisis when its credit ratings were downgraded below ‘AA’ levels in September 2008. The United States Federal Reserve Bank on September 16, 2008, created an $85 billion credit facility to enable the company to meet increased collateral obligations consequent to the credit rating downgrade, in exchange for the issuance of a stock warrant to the Federal Reserve Bank for 79.9 per cent of the equity of AIG. The Federal Reserve Bank and the United States Treasury by May 2009 had increased the potential financial support to AIG, with the support of an investment of as much as $70 billion, a $60 billion credit line and $52.5 billion to buy mortgage-based assets owned or guaranteed by AIG, increasing the total amount available to as much as $182.5 billion. This book consists of public documents which have been located, gathered, combined, reformatted, and enhanced with a subject index, selectively edited and bound to provide easy access.

Table of contents: 

Chapter 1 AIG’S IMPACT ON THE GLOBAL ECONOMY: BEFORE, DURING AND AFTER FEDERAL INTERVENTION
Chapter 2 CAPITAL MARKETS SUBCOMMITTEE HEARING STATEMENT ADDRESSED TO EDWARD M. LIDDY, CHAIRMAN AND CEO OF AIG
Chapter 3 TESTIMONY OF RODNEY CLARK, MANAGING DIRECTOR, STANDARD & POOR’S FINANCIAL SERVICES
S&P’S CREDIT RATINGS
Chapter 4 OPENING STATEMENT OF CHAIRMAN PAUL E. KANJORSKI BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSORED ENTERPRISES
Chapter 5 TESTIMONY OF EDWARD M. LIDDY, CEO OF AIG BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE
Chapter 6 STATEMENT BY REP. CAROLYN MCCARTHY BEFORE THE SUBCOMMITTEE ON CAPITAL MARKETS, INSURANCE AND GOVERNMENT SPONSORED ENTERPRISES
Chapter 7 STATEMENT OF SCOTT M. POLAKOFF, ACTING DIRECTOR, OFFICE OF THRIFT SUPERVISION
INTRODUCTION
Chapter 8 FEDERAL FINANCIAL ASSISTANCE: PRELIMINARY OBSERVATIONS ON ASSISTANCE PROVIDED TO AIG
Chapter 9 ONGOING GOVERNMENT ASSISTANCE FOR AIG
Chapter 10 STATEMENT BY REP. MICHELE BACHMANN BEFORE THE HOUSE FINANCIAL SERVICES COMMITTEE HEARING ON AIG
Chapter 11 STATEMENT BY BEN S. BERNANKE, CHAIRMAN, FEDERAL RESERVE SYSTEM
Chapter 12 STATEMENT BY WILLIAM C. DUDLEY, PRESIDENT, FEDERAL RESERVE BANK OF NEW YORK
Chapter 13 STATEMENT BY TIMOTHY F. GEITHNER, U.S. SECRETARY OF THE TREASURY
Chapter 14 OPENING STATEMENT OF CONGRESSMAN PAUL E. KANJORSKI BEFORE THE HEARING ON AIG
Chapter 15 REPORT PURSUANT TO SECTION 129 OF THE EMERGENCY ECONOMIC STABILIZATION ACT OF 2008
OVERVIEW

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Peter Wayland,The AIG Debacle,Global Impact,the Need for Government