02 March, 2009

$61.7Billion Quarterly Loss for AIG

Headline of the day comes courtesy of Bloomberg. (Link)

American International Group (AIG) has posted a record quarterly loss of $61.7Billion. Just an obscene number that emphatically punctuates a worldwide credit situation in complete disarray.

With more government support on tap ($30Billion to add to the previous $150Billion already received), AIG hopes to keep itself afloat until markets improve. A tall order to say the least, but if Investors offer any glimpse of the hope, they are bidding up shares of AIG. In a monumental twist on comedy, only in America, would the largest loss in history warrant a buying spike of 16%.

Disclosure: Author holds no position in AIG.

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