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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (115913)9/23/2008 9:41:37 AM
From: Knighty Tin  Read Replies (1) of 132070
 
That was excellent. The one point he hinted at, whether or not annuity holders should have been bailed out at AIG is a tough one. AIG was the largest in the insurance business and rated A++ by Best, which is as good as it gets. How could anyone expect the average insurance buyer to say "I know more than A.M. Best, Standard and Poor's and Moody's?" But, the fact is, insurance policies are not govt. guaranteed and this one came a cropper. Why should the taxpayers eat the bad decision? Also, the annuity and life insurance business is basically profitable all of the time. Arithmetic guarantees that. Had AIG gone belly up, those policies would have found a home, albeit, with a lot of nervousness for the insured before that happened.
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