This is what I read this morning on FT.com: “The US Federal Reserve announced that it will lend AIG up to $85bn in emergency funds in return for a government stake of 79.9 per cent and effective control of the company - an extraordinary step meant to stave off a collapse of the giant insurer that plays a crucial role in the global financial system. Under the plan, the existing management of the company will be replaced and new executives will be appointed. It also gives the US government veto power over major decisions at the company.”
看完後，我差點決定回牀睡覺，好讓自己相信這一定是在做夢。AIG作爲一傢俬營公司，其失敗的直接原因在於它的信用保險業務；AIG在信用違約互換(CDS)等信用風險衍生品方面有巨大敞口，其中許多產品與美國房產行業相關。這家資產負債表規模超過1兆美元的全球最大保險超市被實施了國有化，因爲決策者認爲其規模太大，與全球金融體系的關係太緊密，以至於不能讓它倒閉！他們擔心，AIG的倒閉將會在美國乃至世界金融體系增加實際或可能的交易對手風險，以至於沒有一家金融機構願意向另一家金融機構提供信貸，這一擔心促使他們做出了特別決定。面向千家萬戶和非金融企業的信貸將會是下一張倒下的多米諾骨牌，那將是金融末日。