A year ago, the so-called AIG effect wasn’t only about the public’s outrage over spending on incentive conferences. It was a symbol of the failure of the financial industry as a whole. AIG had betrayed customers’ trust, taken too much risk, and ended up saving its bacon with taxpayer money. AIG was the world’s largest insurer as measured by assets back then. Now it has shrunk by about a fifth, according to a recent article at financial news Web site Bloomberg.com, which describes the ...

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