If AIG Goes Down...Yikes!

Geordie — Mon, 09 Mar 2009 23:48:25 +0000

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

Happy reading!

Credit Crisis and Africa

Geordie — Sat, 01 Nov 2008 22:14:34 +0000

The Rwandan New Times has an interesting article on how global economic problems are affecting African industry.

The continent’s tourism sector, remittances from abroad and Aid flows will dramatically fall as a result of the global crisis.

“African governments will have to reduce their expenditure because they are not going to get as much aid. Governments should prepare themselves by concentrating on domestic growth to sustain the economies because ultimately even the export market will be affected and there will be reduced sales,” said Betty Maina, Executive Director of the Kenya Association of Manufacturers.

The Dominion - crisis

If AIG Goes Down...Yikes!

Credit Crisis and Africa