Check out the Insurance Journal article about AIG – I commented on the article and here is a recap:
I cannot believe they are getting a bailout for being irresponsible! They screwed up and now are going to screw many of us out of more money in the form of $85,000,000,000 – that is what $85 Billion looks like… not so nice when you write it with all the zeros, eh?
They have been buying business in my State (Texas) on the P&C side with total disregard for their loss ratios and in effect making it VERY difficult for companies who are trying to improve their loss ratios to win business – but I guess they don’t have to worry because the government will just bail them out… total B.S.!
They should be allowed to go the way of the dinosaur and let companies that ARE responsible earn their book as it disintigrates… why would we “bail out” a company which has proven that it only knows how to mishandle the funds that have been entrusted to it… I totally don’t buy the, “They’re too big to fail.” balony! Nobody and NOTHING is too big to fail… they fail if they deserve to, ESPECIALLY if they have done the things that this company has chosen to do!
This whole situation SUCKS!Â What do you think?