SINGAPORE: Gary Tan had seen enough. From the beginning of the week, the 51-year-old Singapore taxi driver had resisted fears that his accident and life insurance policies with American International Group's local unit were in jeopardy.
Finally on Thursday, even after the U.S. Federal Reserve pledged a US$85 billion loan to prop up AIG, he joined thousands of other policyholders this week at the company's downtown headquarters clamoring for answers.
"I still don't know if I'll cash out my policies, but I want to talk to them about it," Tan said as he was given a number for an appointment on Friday morning.
"I know the U.S. government is backing them, but who knows what will happen next."
The impact of the deepening turmoil of the U.S. financial system is rippling across the globe, as nervous AIG policyholders in Singapore, Hong Kong, and South Korea lose faith that the Fed's bailout will staunch the crisis.
AIG provides services in 130 countries, including China and Japan.
Read on.
And there is more:
Via John Cole, it appears our bankers were not too impressed with Bush's speech on Wednesday:
Chinese regulators have told domestic banks to stop interbank lending to U.S. financial institutions to prevent possible losses during the financial crisis, the South China Morning Post reported on Thursday.
The Hong Kong newspaper cited unidentified industry sources as saying the instruction from the China Banking Regulatory Commission (CBRC) applied to interbank lending of all currencies to U.S. banks but not to banks from other countries.
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