feeling their pain. this is the biggest point drop that has ever been seen. we are in the midst of a serious financial crisis and the federal government is responding with decisive action. these guys have been gambling with the house money for years and it s our job to bail them out? the largest swindle in wall street history, and alleged 50 if you million dollar ponzi scheme by bernard madoff. you belong in jail, you criminal! the pardon is over. if there was any company that could make energy cool, it was enron. the texas energy broker treated electricity like any other commodity. it buys and sells billions of dollars worth of energy, every day. it s the largest company of its kind in the world. enron is a company that deals with everyone with absolute integrity. we play by all the rules and stand by our work. we mean what we say . ken lay was the original ceo, he ran enron when the company was created out of the merger of two pipeline companies. he seem
Under, the shock in the financial world that morgan stanley will go under and goldman sachs will go under and now you ve got panic. the american people can remain confident with the soundness and resilience of our financial system. nobody understood what was happening. they couldn t believe that these grand institutions were abou t to come undone. and they were waking up in the morning and finding out it was worse today than it was the day before. it s the latest crisis to rock the financial markets, insurance giant aig teetering on the brink of bankruptcy. this is a colossal firm. if it fails, the ripples would travel far and wide throughout the global economy. all of a sudden, who would have dreamt this other bombshell goes off, which is aig and if you think lehman brothers was complicated to figure out, aig was monumentally bigger. aig is this massive insurance company but they also had a division called aig financial products, which would offer something called a credit
Than it was the day before. it s the latest crisis to rock the financial markets. insurance giant aig teetering on the brink of bankruptcy. this is a colossal firm. if it fails, the ripples would travel far and wide throughout the global economy. all of the sudden who would have dreamed this other bombshell goes off that s aig. if you think loehmann brothers was complicated to figure out, aig was monumentally bigger. aig is this massive insurance company, but they also had a division called aig financial products, which would offer something called a credit default swap. a credit default swap is a contract between two people, one of whom is giving insurance to the other that he will be paid in the event that a financial institution or a financial instrument fails. so it s an insurance contract? it is an insurance contract, but they ve been very careful
Rock the financial markets. insurance giant aig teetering on the brink of bankruptcy. this is a colossal firm. if it fails, the ripples would travel far and wide throughout the global economy. all of a sudden, who would have dreamt this other bomb shell goes off, which is aia. if it you think lehman brothers was complicated to figure out, aig was monumentally bigger. aig is this massive insurance company, but they also had a division called aig financial products, which would offer something called a credit default swap. a credit default swap is a contract between two people, one of whom is giving insurance to the other that he will be paid in the event that a financial institution or a financial instrument fails. so it s an insurance contract? it is an insurance contract, but they have been very careful not to call it that. because. if it were insurance, it would