TIMESONLINE: A financial disaster that would dwarf the Lehman Brothers bankruptcy loomed today as one of the world's biggest insurers was shaken to its foundations.
Shares in American International Group (AIG) today fell 43.28 per cent amid fears that a £42 billion rescue package might fail to materialise.
David Paterson, the New York Governor who is coordinating efforts to bolster the insurer, gave warning that the insurance giant had just one day left to resolve its financial problems before triggering "catastrophe".
AIG, once the world's largest insurance company, has 116,000 staff — four times more than Lehman Brothers, the US investment bank that filed for bankruptcy yesterday — and its collapse could have a cataclysmic effect on global markets.
AIG provides insurance against complex financial instruments going bust, including mortgage-backed securities. Financial Disaster to Dwarf Lehman Looms as AIG Takes a Pounding >>> By Christine Seib | September 16, 2008
THE TELEGRAPH:
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