The word bankruptcy causes fear worldwide except for the United States where it is not perceived as a failure but rather as a setback. Debts are written-off and a second chance is granted to the company to start anew.
Deeply rooted in American business, bankruptcy is an old practice that dates back to 1800. The United States have, therefore, seen numerous groups and jewels of their economy such as AIG, General Motors or Lehman Brothers collapse in the heat of financial scandals.
Several dozens of insurance companies, including big names in the business, have gone bankrupt in the United States in the course of the recent 30 years.
Bankruptcy of AIG case
AIG was seriously affected by the 2008 financial crisis. Under the pressure of the…