2008 Financial Crisis - TDI - Texas Department of Insurance
- Doug Slape - Chief Deputy Commissioner of the Texas Department of Insurance
- 2010 0610 - COP - Report - The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy, June Oversight Report, Congressional Oversight Panel --- [BonkNote] --- 337p
- A7: Securities lending at AIG47
- 47 The box draws from material presented in the reports submitted by the National Commission on the Causes of the Financial and Economic Crisis in the United States (submitted in January 2011 and henceforth abbreviated “CI”) and by the Congressional Oversight Panel (“The AIG Rescue, its Impact on Markets, and the Government’s Exit Strategy”) of June 2010 and abbreviated “OR”.
- [Bonk: CI =FCIC, OR = 2010 0610 - COP - Report - The AIG Rescue, Its Impact on Markets, and the Government’s Exit Strategy, June Oversight Report, Congressional Oversight Panel --- [BonkNote] --- 337p]
- We also acknowledge substantial input from the Texas Department of Insurance, the lead regulator of AIG’s life insurance operations in the United States.
- 47 The box draws from material presented in the reports submitted by the National Commission on the Causes of the Financial and Economic Crisis in the United States (submitted in January 2011 and henceforth abbreviated “CI”) and by the Congressional Oversight Panel (“The AIG Rescue, its Impact on Markets, and the Government’s Exit Strategy”) of June 2010 and abbreviated “OR”.
2011 11 - IAIS - Insurance and Financial Stability - 47p
- 2011 - Book - Griftopia, by Matt Taibbi --- [BonkNote]
- (p113 of 251) - In fact, the situation grew dire enough that by the first week of September, Texas—which was home to some of AIG's biggest subsidiary insurance companies and would have been affected disproportionately if AIG tried to raid those companies' holdings—had drawn up a draft letter outlining its plans to seize control of four AIG subsidiary companies, including American General.
- (p113 of 251) - "We got active in stepping in to protect those companies from being swallowed up in what was happening with the overall AIG picture," says Doug Slape of the Texas Department of Insurance.
- (p113 of 251) - "Texas was definitely very aggressive," says [Eric] Dinallo
- (p114 of 251) - It gets worse.
- Had Texas gone ahead and seized those subsidiaries, all the other states that had AIG subsidiaries headquartered within their borders would almost certainly have followed suit.
- A full-blown run on AIG's subsidiary holdings would likely have gone into effect, creating a real-world financial catastrophe. "It would have been ugly," says Dinallo.
- Thousands if not tens or hundreds of thousands of people would have seen their retirement and insurance nest eggs depleted to a fraction of their value, overnight.