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Aig

In: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice

Author

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  • Laurent L Jacque

Abstract

In the mother of all derivative debacles which nearly brought down the insurance colossus AIG the villain is a relatively recent financial product known as the credit default swap (CDS). How could one of the premier global insurance company, consummate in the art of underwriting risk, lose its way in writing insurance against credit risk? How could a derivative akin to a form of insurance policy against bond default unleash the default AIG itself?. First we need to explain how CDS became a key linchpin of the securitization revolution to understand AIG's collapse.

Suggested Citation

  • Laurent L Jacque, 2015. "Aig," World Scientific Book Chapters, in: GLOBAL DERIVATIVE DEBACLES From Theory to Malpractice, chapter 16, pages 275-283, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789814663267_0016
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