TARP, a bailout of financial firms that had purchased credit-default swaps from AIG.
The only reason for this post is to share one statement in the article that reflects how I felt in 2008 and how I feel now about the government bailout of Wall Street, regardless of the merits of the arguments put forth that doing so saved the Republic.
AIG's near-collapse sent shock waves through the financial system. The merits of the Federal Reserve aid package that saved the firm are being debated today. Critics have called it a backdoor bailout of financial firms that had purchased credit-default swaps from AIG.