US regulators have freed AIG from the shackles of “too big to fail” regulation in a landmark moment that reverses an important part of President Barack Obama’s post-crisis crackdown on big finance.
The insurance company, which along with the likes of Lehman Brothers and Bear Stearns came to symbolise Wall Street recklessness when taxpayers bailed it out in 2008, will no longer be considered a threat to financial stability.
At a crunch meeting on Friday a council including the most powerful financial regulatory agencies in the US voted by a majority of six to three to rescind AIG’s status as a “systemically important” institution.
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