Insurance giant American International Group has a shortfall of $11.9 billion in its property and casualty insurance business, an independent report says. AIG was among the biggest recipients of US government funds (actually, taxpayers’ money) in 2008, having taken some $120 billion in aid. Now analysts are not so sure the ailing firm’s troubles can all be traced to its derivatives portfolio, meaning they suspect its insurance operations are rickety too. Other research has raised doubts about AIG’s total worth since it was bailed out, and even the US government is worried the company might struggle to repay all the money. It looks like the casualty insurance business, which is intended to become the core of the company’s operations, is itself in need of a lifeline. Read more: The New York Times
While we have your attention...
An increasingly rare commodity, quality independent journalism costs money - though not nearly as much as its absence.
Every article, every day, is our contribution to Defending Truth in South Africa. If you would like to join us on this mission, you could do much worse than support Daily Maverick's quest by becoming a Maverick Insider.
Click here to become a Maverick Insider and get a closer look at the Truth.
"Look for lessons about haunting when there are thousands of ghosts; when entire societies become haunted by terrible deeds that are systematically occurring and are simultaneously denied by every public organ of governance and communication." ~ Avery Gordon