AIG
Rescued insurance giant
AIG is American International Group, a multinational insurance and financial services corporation.
The company became infamous during the 2008 financial crisis when it received a massive government bailout after its collapse threatened to destabilize the global economy: AIG was too big to fail.
2008 bank rescue program
- taxpayerOne who owes government duties
- rescueSave from harm
- crisisDecisive dangerous moment
- recessionProlonged economic decline
stimulus · emergency · loan · recovery · troubled · relief · package · funding
Adopted principle of action
- coverageExtent of inclusion
- premiumAdded cost for better
- underwritingRisk evaluation and acceptance
- claimStatement of ownership or truth
deductible · liability · risk · actuary · reinsurance · adjuster · indemnity · casualty
Contracts insuring against debt failure
- derivativesThings derived from another
- CDOPooled debt investment vehicle
- counterpartyOther side in deals
- Goldman SachsInvestment banking powerhouse
collateral · exposure · subprime · risk management · London · trading · losses · collapse
Operating across multiple countries
- conglomerateCorporation spanning many industries
- enterpriseCommercial undertaking or initiative
- holding companyBusiness owning other businesses
- subsidiaryOf lesser importance
CEO · shareholders · board · management · merger · acquisition · headquarters · revenue
TARP
2008 bank rescue program
recession · stimulus · emergency · loan · recovery · troubled · relief · package · funding · oversight
policy
Adopted principle of action
- coverageExtent of inclusion
- premiumAdded cost for better
- underwritingRisk evaluation and acceptance
claim · deductible · liability · risk · actuary · reinsurance · adjuster · indemnity · casualty · beneficiary
credit default swaps
Contracts insuring against debt failure
- derivativesThings derived from another
- CDOPooled debt investment vehicle
- counterpartyOther side in deals
Goldman Sachs · collateral · exposure · subprime · risk management · London · trading · losses · collapse · unwinding
multinational
Operating across multiple countries
- conglomerateCorporation spanning many industries
- enterpriseCommercial undertaking or initiative
- holding companyBusiness owning other businesses
subsidiary · CEO · shareholders · board · management · merger · acquisition · headquarters · revenue · Fortune 500
- Financial Crisisfinancial crisis, Great Recession, recession, credit crisis, bank failures
- housing crisishousing bubble, housing crash, subprime mortgages, foreclosures, subprime loans
- SponsorsNike, Adidas, Coca-Cola, Red Bull, Mastercard
- insuranceinsurance, coverage, auto insurance, life insurance, home insurance
- Financial FirmsGoldman Sachs, JPMorgan Chase, Bank of America, Citigroup, Wells Fargo
Multinational banking corporation
Bank of America · Wells Fargo · Citibank · Goldman Sachs · Morgan Stanley
American multinational holding company
Warren Buffett · Johnson & Johnson · Procter & Gamble · fiscal responsibility