Apparently it’s not enough that the world knows that the giant insurer is too big too fail. For stronger evidence, the details, the hard facts all need to be put together and be given to the government in order to completely perceive the massive destruction awaiting the global financial system if they were not to be bailed out…again.
Some highlights (on impact of AIG’s failure to the economy):
- Potential unemployment to for a large portion of its 116,000 employees
- American General Finance, the second largest Main Street lender, could fail and eliminate $12 to 15 billion in US consumer lending
- An AIG failure could have the same or worse impact as Lehmann Brothers bankruptcy on the global financial markets
- Treasury would have to prepare for possible fall in value of dollar
- Casts doubts about the ability of US to support its banking system
How’s that? The whole document after the jump.