AIG Needs More Money

Sounds great! Let’s throw more bad after bad

American International Group (AIG) this morning warned that it may need more help from the U.S. government, but the insurer said it will have adequate liquidity to “finance and operate AIG’s businesses and continue as a going concern for at least the next twelve months.”

Shares fell $1.94, or 7%, to $25.47.

AIG received a bailout totaling more than $180 billion from the Federal Reserve and the Treasury Department starting in the fall of 2008, when the economic crisis began. Taxpayers now own nearly 80% of AIG as a result of the government’s interventions.

AIG also said it lost $8.9 billion, or $65.51 per share, in the fourth quarter of 2009. AIG lost $61.7 billion, the largest quarterly loss in the company’s history, in the same period a year earlier.

So they went from losing $62 billion to “only” losing $9 billion…in a freakin’ quarter. I’m sure they count that as a $53 billion profit for their bonuses.

Pardon me whilst I barf.

One Response to “AIG Needs More Money”

1. mojo says:

   February 26, 2010 at 1:25 pm

   So I own 80%?

   Sell. See if we can find a sucker to purchase this dog.