Masters of Perfidy

The Crash of AIG, Revisited

AIG's corporate headquarters. Photo: AIG.

The first clue that something was terribly amiss with the insurance giant AIG should have been made manifest when the conglomerate began offering products–and financial products at that. What exactly does an insurance company produce? The short and nasty answer is that AIG manufactured precisely what it was meant to guard against. Namely, risk. Extreme risk.

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Jeffrey St. Clair is editor of CounterPunch. His most recent books are Bernie and the Sandernistas: Field Notes From a Failed Revolution and The Big Heat: Earth on the Brink (with Joshua Frank) He can be reached at: sitka@comcast.net or on Twitter @JeffreyStClair3

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