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Why did AIG need bailed out?

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Old Sep 17, 2008 | 11:14 AM
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Default Why did AIG need bailed out?
someone here at work (zipper was up..i checked) ax'd me why AIG needed bailed out.

Isn't AIG just a big insurance company? What would cause them to need $80B? They had way more claims than income? if so, why? if not, then? did all of the Execs rip the place off like Comcast, Enron, TYCO, etc...?

I looked quickly on the interweb but didn't see any clear reason why....

thanks
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Old Sep 17, 2008 | 11:24 AM
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b/c they contributed money to the politicians...
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Old Sep 17, 2008 | 11:28 AM
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AIG is an insurance provider that provides collateral for financial investments....many of them dealt with mortgage backed securities and swaps....with the housing market bust everything is going down the shitter...MBS are failing (ie Freddie Mac and Fannie Mae) and that means that the insurance provider is f-ed
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Old Sep 17, 2008 | 11:33 AM
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They bet $80bil on the Patriots in the Super Bowl last year and did not see the velcro on Tyree's helmet.
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Old Sep 17, 2008 | 11:51 AM
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because the execs can't count to skibum
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Old Sep 17, 2008 | 11:55 AM
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One...two...skibum. I have skibum apples.
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Old Sep 17, 2008 | 12:05 PM
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Originally Posted by blzorange,Sep 17 2008, 02:28 PM
AIG is an insurance provider that provides collateral for financial investments....many of them dealt with mortgage backed securities and swaps....with the housing market bust everything is going down the shitter...MBS are failing (ie Freddie Mac and Fannie Mae) and that means that the insurance provider is f-ed
that makes sense..... thanks....

the rest of these answers make me.......
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Old Sep 17, 2008 | 12:10 PM
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Originally Posted by Scot,Sep 17 2008, 12:05 PM
that makes sense..... thanks....

the rest of these answers make me.......
Well it
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Old Sep 17, 2008 | 12:17 PM
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i saw the loan is at 11.5%... that is pretty high interest... hopefully they can make the payments....
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Old Sep 17, 2008 | 12:33 PM
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[QUOTE=ElTianti,Sep 17 2008, 03:10 PM] Well it
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