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Recent Harper's article: "Too big to burn: AIG plays God in a man-made firestorm"
You may have to be a subscriber, but essentially it describes how private AIG fire brigades defend AIG-insured houses in SoCal.
A good line near the end: "Maybe AIG, which had guaranteed the securities that bundled the loans that bought the houses that bought AIG insurance, could stop the burn. Disaster averted, the system would then creak along, perhaps for years, perhaps for decades, toward a bigger failure."
You may have to be a subscriber, but essentially it describes how private AIG fire brigades defend AIG-insured houses in SoCal.
A good line near the end: "Maybe AIG, which had guaranteed the securities that bundled the loans that bought the houses that bought AIG insurance, could stop the burn. Disaster averted, the system would then creak along, perhaps for years, perhaps for decades, toward a bigger failure."
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