A financial disaster that would dwarf the Lehman Brothers bankruptcy loomed today as one of the world's biggest insurers was shaken to its foundations.
Emphasis added by me.
AIG, once the world's largest insurance company, has 116,000 staff — four times more than Lehman Brothers, the US investment bank that filed for bankruptcy yesterday — and its collapse could have a cataclysmic effect on global markets.
Emphasis added by me.
As I type this, with CNBC in the background, there are rumors of the Federal Reserve doing some sort of rescue deal.
Let it collapse.
It will later anwyay.
All prior Chronicles of Depression 2.0 posts. Read them before you must.
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