AIG Insuring Itself from Itself?

04.03.2012

AIG Insuring Itself from Itself?

original article written by Net Advisor™

AIG announced that they looking to get back into the mortgage business by purchasing mortgages they already insure? (Source: Financial Times PDF.)

So effectively, if one defaults on the mortgage, AIG insurance division will pay AIG mortgage division for the loss? Doesn’t this mean AIG still has a loss? Did we tell you the government still owns the majority of AIG? (Source: NY Times PDF)

Watch the Business media laugh about this odd business decision.
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Air date: 04.02.2012

AIG was the costliest bailout ever at $182 Billion, if you don’t count the potential $5 Trillion risk for Fannie Mae and Freddie Mac (Source: CNN).
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video credit, courtesy CNBC

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