Tag Archive | "china"

REUTERS | WikiLeaks: As AIG crumbled, China stepped in as broker

REUTERS | WikiLeaks: As AIG crumbled, China stepped in as broker

NEW YORK | Fri Mar 11, 2011 1:32am EST

NEW YORK (Reuters) – U.S. officials believe China’s insurance regulator passed on proprietary information about AIG to its Chinese rivals during the American firm’s collapse in 2008, according to unpublished diplomatic cables.

The U.S. government bailout of American International Group Inc in 2008 sent shock waves around the world, and China seemed especially rattled.

The Chinese Insurance Regulatory Commission (CIRC) forced AIG’s local operations to open their books on a daily basis after the company’s September 2008 rescue, according to a series of U.S. diplomatic cables obtained by WikiLeaks and provided to Reuters by a third party. The regulator then shared the confidential information with local competitors, in part to convince at least one of them to buy the troubled assets.

Continue reading … REUTERS

The American International Group (AIG) building is seen in New York’s financial district March 16, 2009.

Credit: Reuters/Brendan McDermid

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