I only know about AIG because I basically had to listen in on a conference call presented by Marsh (huge, nay one of the largest brokers) for my boss and write a summary on it.
Basically - AIG, inc. is the parent/holding company of many other companies, specifically insurance companies. AIG, inc. does not insure anything...it invests. It lost a lot of money in the stock market/investments. The subsidiaries that are insurance companies are FINE, in fact they are pulling in substantial profits. Before the fed bailed them out but after they made note of their issue it still had a S&P rating in the A's as did all the subsidiaries.
so 3 or less sentence version:
AIG is an investment company that is the parent of several insurance companies. Investments lost money, insurance made a profit.
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timeasmymeasure
no subject
Date: 2008-09-20 03:17 am (UTC)Basically -
AIG, inc. is the parent/holding company of many other companies, specifically insurance companies. AIG, inc. does not insure anything...it invests.
It lost a lot of money in the stock market/investments.
The subsidiaries that are insurance companies are FINE, in fact they are pulling in substantial profits. Before the fed bailed them out but after they made note of their issue it still had a S&P rating in the A's as did all the subsidiaries.
so 3 or less sentence version:
AIG is an investment company that is the parent of several insurance companies. Investments lost money, insurance made a profit.