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American International Group

In: Banks, Bankers, and Bankruptcies under Crisis

Author

Listed:
  • Dimitris N. Chorafas

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.

Suggested Citation

  • Dimitris N. Chorafas, 2014. "American International Group," Palgrave Macmillan Books, in: Banks, Bankers, and Bankruptcies under Crisis, chapter 6, pages 109-126, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-43699-3_6
    DOI: 10.1057/9781137436993_6
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