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Jim Cramer said Monday on CNBC's "Stop Trading!" that it would be a tragedy if the government lets troubled AIG(AIG Quote) fail.
"I would radically have to change my view of where the market goes if it fails," Cramer told Erin Burnett. "This one needs to be stopped. I don't know how to stop it."
AIG will be allowed to use $20 billion in assets held by subsidiaries to help stay in business, New York Gov. David Paterson said in a news conference Monday. The insurer, which has already raised $20 billion in fresh capital in 2008, on Sunday turned down an offer from private equity firm J.C. Flowers & Co. that would have allowed the investor to acquire AIG for $8 billion under certain circumstances, The Wall Street Journal reported.
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