Everybody has heard about the dramatic events currently going on in the financial world. Big traditional banks and insurance companies are going bankrupt or getting taken over. But did you ever think that these events would put European basketball players in trouble?
AIG is one of the biggest insurance companies in the world. Their current situation was so bad that the Federal Reserve had to “buy” 80% of the company’s stock in order to keep the traditional house alive. AIG has one particular product line that threatens sports: AIG Sports Risk Solutions. This product launched in 2004 is described as follows: a comprehensive insurance program designed for youth and adult amateur athletic organizations that provide organized sporting events in the United States.
For several years now, AIG Europe has had a partnership with the French basketball federation and is the official insurance company of FFBB licenses: This means that the insurance a French basketball player can sign when he gets his basketball license comes in most cases from AIG Europe.
Now, all French (and also other) NBA players currently playing for the French national team are normally put under an insurance contract in order to secure their employers against possible injuries. If AIG Europe is the official insurer of the FFBB, the chances should be pretty good that the federation used AIG Europe to insure TP for the current qualification phase.
So after the recent changes in the ownership of AIG, this means that Parker is currently insured by the Federal Reserve Bank of the United States, which means, indirectly, by the US government. What does this mean for San Antonio Spurs fans? Well, as long as Parker does not get injured (tonight, France beat Ukraine and no injuries for the PG), everything is fine. In the opposite case, I don’t know but Spurs-haters, at least, will do the following.