April 28, 2009

AIG acts to avoid default risk

This is when you know you are important to a company. When, if you leave, a multi-billion dollar company defaults on 234 billion in derivatives and causes a global economic paralysis and consequent meltdown. That is a scary fact, one guy controls this outcome. I hope they are guarding him and making sure he stays very happy. How ridiculous to be in that position. To have taken on that much risk that is so complicated only one guy can figure it out. Guess he got his job security during this economic downturn.

AIG has moved to stave off the risk of default on $234bn of derivatives by persuading a senior executive at its troubled financial products division to rescind his resignation and remain with the stricken insurer to unwind the complex trades

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