AIG warned U.S. government officials that letting it fail would be catastrophic for world markets and the economy.
Now, while we knew it had kinda said that, Bloomberg News reporters got their hands on a confidential draft of a presentation the company made Feb. 26.
They should start charging other companies for the memo and just develop a bailout-begging template, “How to Squeeze More Out of a Scared Government.”
“What happens to AIG has the potential to trigger a cascading set of further failures which cannot be stopped except by extraordinary means,” said the presentation by New York- based AIG. “Insurance is the oxygen of the free enterprise system. Without the promise of protection against life’s adversities, the fundamentals of capitalism are undermined.”