(EMAILWIRE.COM, September 16, 2008 ) DALLAS, Texas - BeaconEquity.com announces the publication of ‘American International Group Inc. (AIG) Crisis: Failure would be Catastrophic - Former CEO Hank Greenberg’

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American International Group Inc. (AIG) Crisis: Failure would be Catastrophic - Former CEO Hank Greenberg

"The financial crisis, which commenced with falling home prices and went on to engulf Wall Street, has finally reached one of the world's largest insurance companies …

"Dominating trader talk today, giant insurer American International Group is now worried by many to be the next big financial company to fall. The rating agencies finally downgraded AIG, which means the company immediately has to come up with $14.5 billion of capital it doesn't have…

"AIG's damage is the latest consequence of the mortgage and credit storm that shook the American financial system. On Sunday, Lehman Brothers Holdings Inc. filed for bankruptcy protection, and Merrill Lynch & Co. agreed to be sold to Bank of America Corp…

"Citing a combination of reduced flexibility in meeting additional collateral needs and concerns over increasing residential mortgage-related losses, Standard & Poor's Ratings Services said that it lowered its long-term counterparty rating on AIG to 'A-' from 'AA-' and its short-term counterparty credit rating on AIG to 'A-2' from 'A-1+'. Standard & Poor's also said that it lowered its counterparty credit and financial strength ratings on most of AIG's insurance operating subsidiaries to 'A+' from 'AA+'…"

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