American International Group, the world's largest insurance company, got $150 billion in federal bailout money in the last quarter of 2008 and still lost $62 billion. The Obama administration has promised AIG $30 billion more. Today an angry Senate Finance Committee threatened not to go along, unless it finds out where that federal money is going. But the Federal Reserve said revealing AIG's creditors would destroy the company, which is so big it could take the world's financial system along with it. How did it get that way? Where has all that taxpayer money been going? Is there an option to pouring in billions more?
AIG, a Bottomless Pit for Bailout Money?
Credits
Guests:
- Michael Crittenden - Reporter, Dow Jones Newswires
- Mark Williams - former Bank Regulator and Examiner, Federal Reserve Bank
- Felix Salmon - chief financial correspondent for Axios - @felixsalmon
- Peter Cohan - President, Peter S. Cohan and Associates
- Dean Starkman - Managing Editor, The Audit