AIG - Scared new world
With financial giants making daily, doom-laden announcements, we appear to be facing a radically different financial landscape, writes Andrew Tjaardstra
When the president of the United States needs to ask congress to ratify a $700bn government bail out of the banking system, you know that the world's economy is in trouble. AIG, HBOS, Merrill Lynch and Lehman Brothers have all been high-profile victims of the sub-prime mortgage crisis and the credit crunch, which is now hurting the 'real economy' (see the PB Sentiment Survey on pp.41-48 for your reactions to the credit crunch).
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AIG's problems come despite former chief executive Martin
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