American International Group Video & Audio

“…of unprecedented. Financial market stress. Losses on derivative contracts entered into by AIG's financial products group force the entire company to the brink of failure. The Department of the Treasury the Federal Reserve and the Federal Reserve Bank of New York acted to prevent the collapse and AIG. . That action was based on a judgment a collective judgment that AIG's failure would have caused catastrophic damage. Damage in the form of sharply lower equity prices and pension values higher interest rates any broader loss of confidence. In the world's major financial institutions. This would have -- intensified an already deepening global recession. And we did not have the ability to contain. That damage through other means. And we did not have the authority to unwind AIG. . For these reasons we extreme reluctance on September 16. The Federal Reserve board authorized an 85 billion dollar revolving credit facility to provide liquidity. And avoid default. As a condition of that loan. 79 point 9% of the shares of the company were placed in a trust run by appointees of the so about a reserve Bank of New York. The government installed a new management team and begin there's the process of restructuring AIG's board. And the new management team committed to returning -- to its core insurance business by winding down its derivatives trading operation …”

“…chairman Bernanke and and and president of the league in Europe that. AIG highlights very broad failures of our financial system. Our regulatory system was not equipped to prevent the buildup of dangerous levels of …”

“…a pretty hard sell considering their -- still reeling from all the AIG nonsense really had most of us can't. Grasp how much money that is built me -- numbers not so much for spending …”

“…really wants to build some public support after the downward over this AIG executive embarrassed. Congressman Barney Frank takes on our associate Supreme Court justice -- …”

“…Then -- wrote up angry tack they're taking tours of the main AIG executives. -- accepted a total 105. Billion dollars of -- Even though the company's propped up with federal money in a little. …”

“…last week all leave. Tortured explanations. That Chris Dodd gave us is AIG behavior and he never once mentioned this -- his wife being on the board of them. AIG subsidiary. …”

“…up this site punitive legislation possibly ability attained or against -- The AIG executives but he's he's even more down on down on congress and Barack. Right he wrote this before Barack sort of came …”

“…was an act of sheer madness what started this phony outrage and AIG has crossed the line into insane policy it is stunning that the vote was lopsided and bipartisan. Is there are no -- …”

“…bailing out banks and federal tax dollars -- the recent story of AIG bonuses only made things worse. But frank reminds people those banks are necessary to the public. …”

“…provisions in the last thirty billion crunch that went to went to AIG. . So I mean I of course AIG could have simply. Not pay the bonuses -- reached a contract. But that would have been unhealthy under Connecticut law after the …”

“…the the outrage it doesn't seem to have died down over these AIG bonuses and there's certainly hasn't been a stampede. To voluntarily return the money. Congress is you know is passed a bill that …”

“…provisions in the last thirty billion crunch that went to went to AIG. . So I mean I of course AIG could have simply. Not pay the bonuses -- reached contract. But that would have been unhealthy under Connecticut law after the fact …”

“…the the outrage it doesn't seem to have died down over these AIG bonuses and there's certainly hasn't been a stampede. To voluntarily return the money. Congress is you know is passed a bill that …”

“…there are these are Shane -- strike that the legislation that. That AIG. . Would get bonuses about it no matter they want to lost. What I'll read you went out read the terps. Were great …”

“…needs to partner with private investors. But some feared the fallout over AIG bonuses from Capitol Hill and the White House may scare investment groups away. I think they understand that the president BS's there …”