Hr Term

In: People

Submitted By maulesh
Words 518
Pages 3
AIG was at the center of the financial crisis and probably without AIG the subprime crisis would not be as severe as we seen. AIG was used as an instrument to fuel the housing boom.

The AIG executives were running the financial product unit ethically but not efficiently. From the email communication one thing is apparent that the executive were very optimistic and they never priced in the risk effectively. The assumption that there will be no calls from counterparties to execute the credit default swaps related to subprime market were not unethical and may have been completely driven by the amount of revenue generated by the credit default swaps for the financial product division. The situation was unprecedented and except very few no one was able to predict the extent of the mortgage defaults in USA. There was lack of the risk assessment standards within AIG that is apparent from the communications. The person who was running the Financial Product division Cassano did very poor job for adapting to the changing market conditions. Again AIG could have limited the losses by pricing the credit default swaps correctly by integrating in it the changing market conditions. If we look at the conduct when it happened the situation did not seem like violation of ethical conduct. Back than when AIG was making big profits no one realized the post effect of the failure of these complex securities and AIG was one of the preferred investments due to performance of its financial product unit. It was more like a bad business judgments than ethical violation.

In reference to investigations

Key instrument in creating the financial crisis were the credit default swaps which were unregulated and presented no direct legal regulatory risk to any parties involved. Investigating AIG means digging out the entire financial crisis. The interrelation of the whole financial system with…...

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