Press Release Summary: First Prime Group – AIG’s bankruptcy may have destroyed world financial system.
Press Release Body: First Prime Group is reportedly convinced that the Federal Reserve’s bailout of US insurance giant AIG has saved the global financial system from certain meltdown.
Sources close to First Prime Group said the Asian-based wealth management group believes that although the turbulence in markets is likely to subside in the coming days, it is still urging investors to exercise caution.
The Fed has agreed to lend AIG $85 billion over 24 months in return for 80% of the company. The unnamed First Prime Group source said that the US banking system has cost the US taxpayer $400 billion in the last 10 days if the Freddie Mac and Fannie Mae bailouts are included.
First Prime Group, who advocate value-based, long-term investing, are according to reports, acquiring distressed stocks that have been sold by institutional investors to meet obligations in other markets.
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