Bank biographies during these national difficulties are being posted by Taxpayers for Common Sense

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From: Taxpayers for Common Sense

BANK BIOGRAPHIES
Bailout Bank Bio: AIG

Pub Date: Mar 03, 2009
UPDATE: March 4, 2009.


After reporting a $61.7 billion quarterly loss – the biggest single quarter loss ever – in early March AIG asked for and was granted an additional $30 billion from the federal government. The following day Federal Reserve Chairman Ben Bernanke expressed his anger at the way the company had exploited loopholes to get into its current financial situation. According to Bernanke, “A.I.G. exploited a huge gap in the regulatory system. There was no oversight of the financial products division. This was a hedge fund, basically, that was attached to a large and stable insurance company.” And this quasi-hedge fund, Mr. Bernanke went on, to nobody’s surprise, made irresponsible bets and took huge losses.
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[Taxpayers for Common Sense has been compiling business biographies for banks during this national financial and economic crisis. To see those completed thus far, please go here.]


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