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COMMENTS: Our Own Insurance Conglomerate
The AIG story was covered by ABC's Brian Ross and CBS' Anthony Mason. Mason looked at the finances of the insurance conglomerate that posted $24bn in losses in the third quarter of 2008 alone. "The bailout needs a bailout," he shrugged, as its partial nationalization advanced by a further $40bn stock purchase. Ross used footage from Josh Bernstein of KNXV-TV, ABC's affiliate in Phoenix, that showed a $350,000 junket at the Pointe Hilton Squaw Peak Resort for 150 financial advisors. The conglomerate had a guilty conscience about its lavish accommodations, Ross suggested: "AIG instructed the hotel to keep its involvement secret." When asked about the expenditure, AIG said the cost "would ultimately be covered by other corporate sponsors."
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