AIG on hook for $400bn credit default swaps
AIG was about to go bankrupt because it had promised over $400 billion to people holding credit swap defaults with them on, among others, Lehman Bros—$400bn that the company didn't have.
Immediately related elementsHow this works
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The Global Financial Crisis »The Global Financial Crisis
Immediate triggers of the financial crisis? »Immediate triggers of the financial crisis?
Sudden evaporation of market confidence/trust »Sudden evaporation of market confidence/trust
Commercial paper market froze up suddenly »Commercial paper market froze up suddenly
Money Market Mutual funds moved into Treasury Bills »Money Market Mutual funds moved into Treasury Bills
Money Market Mutual Funds spooked »Money Market Mutual Funds spooked
AIG rescue »AIG rescue
AIG on hook for $400bn credit default swaps
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