Is There Any Merit to AIG's Claim That Some of the Apparently

question 32

Essay

Is there any merit to AIG's claim that some of the apparently lavish activities in which it had been
engaged were "standard industry practice"?

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Definitions:

Interest

A fee paid for the use of borrowed money, typically a percentage of the amount borrowed.

Mortgage

A legal agreement by which a bank, credit union, or other financial institution lends money at interest in exchange for taking title of the debtor's property, with the condition that the conveyance of the title becomes void upon the payment of the debt.

Lien

A legal right or interest that a creditor has in the debtor's property, generally lasting until the debt that it secures is satisfied.

Land

The surface of the earth, extending downward to the center and upward indefinitely into space, inclusive of natural resources and fixtures.