While Americans are in a bitter public outcry over the use or misuse of the bailout funds for corporate world’s fallen giant American Insurance Group (AIG), Filipinos are also dealing with a local version that involves fraud of hard-earned funds. Legacy Group’s reach and impact may not be as global as AIG, but its story is equally riveting.
The similarities are classic. First, both involve billions worth of public funds.
For AIG, a whopping $173 billion of US taxpayers’ money has been infused to keep the bankrupt firm afloat. It was considered too big to fail.