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March 9, 2009 Weblog:

If AIG Goes Down...Yikes!

Fours days before receiving a second bailout to the tune of $30 Billion, AIG issued a confidential internal memo regarding what could happen if the insurance company failed.

Doomsday scenarios included:

  • The potential for cascading failure of US insurance companies
  • The potential that US companies in foreign companies could be permanently lost to nationalization
  • A run on the US dollar
  • Destroy US retirement savings
  • General economic meltdown similar to that of Lehman Brothers

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The Dominion is a monthly paper published by an incipient network of independent journalists in Canada. It aims to provide accurate, critical coverage that is accountable to its readers and the subjects it tackles. Taking its name from Canada's official status as both a colony and a colonial force, the Dominion examines politics, culture and daily life with a view to understanding the exercise of power.

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