American International Group

Dimitris N. Chorafas

Chapter 6 in Banks, Bankers, and Bankruptcies under Crisis, 2014, pp 109-126 from Palgrave Macmillan

Abstract: Abstract In mid-September 2008, when Lehman Brothers became America’s biggest corporate bankruptcy (chapter 5), the financial markets were in turmoil. There is nothing really unique about defaults and bankruptcies; they are a way of pruning the capitalist system and 2008 saw nine of the dozen biggest bankruptcies and near bankruptcies in the history of American business. General Motors (GM), Chrysler, Washington Mutual, and Thornburg Mortgage as well as American International Group (AIG), Fannie Mae, Freddie Mac, and Citigroup, salvaged through federal money, joined Lehman on the blacklist.

Keywords: Hedge Fund; Insurance Business; Supervisory Authority; Credit Derivative; Chief Financial Officer (search for similar items in EconPapers)
Date: 2014
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-43699-3_6

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DOI: 10.1057/9781137436993_6

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