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AIG sees $60 billion Quarterly loss: Largest in History

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posted on Feb, 24 2009 @ 10:16 AM
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AIG sees $60 billion Quarterly loss: Largest in History


www.reuters.com

NEW YORK (Reuters) - American International Group, rescued twice last year by the U.S. government, is asking for more aid and bracing for a fourth-quarter loss of roughly $60 billion, a source familiar with the matter said. It would be the biggest loss in a quarter in corporate history.

The $60 billion would exceed Time Warner's $54 billion single-quarter loss in 2002 and dwarf the $24.5 billion loss AIG posted in the third quarter, when the government increased its rescue package for the insurer to about $150 billion.

By contrast, two analysts polled by Reuters Estimates have forecast on average a net loss of $5.46 billion.

The latest round of talks with the government include the possibility of additional funds for the insurer and trading debt for equity, another source said on Monday.

The situation is fluid and other options are being discussed, this second source said, adding that it was unclear where the talks would lead.

(visit the link for the full news article)




posted on Feb, 24 2009 @ 10:16 AM
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JESUSBLOODYCHRIST HOW THE HELL DO YOU LOSE $60 BILLION IN 3 MONTHS AND STAY IN BUSINESS?

No bank... no insurance company... no corporation should ever be allowed to get so large that their fall can effect the national economy like this.

That was what the anti-trust laws were all about.

This simply stuns me... and they are groveling for more money from you and me...

... let the bastards fail... lock up their officers and throw away the key... they don't deserve better.

www.reuters.com
(visit the link for the full news article)

[edit on 24-2-2009 by grover]



posted on Feb, 24 2009 @ 12:25 PM
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reply to post by grover
 


Lavish jets, sauna parties, top-notch hotels....The list goes on and on. These greed-mongering pigs are anything BUT responsible with the capital that is handed to them, and why should they be? They get to continue robbing the tax-payers with the help of uncle Sam over and over!



posted on Feb, 24 2009 @ 12:50 PM
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I was looking for an explanation of these losses for AIG, so checked on info about Credit Default Swaps. Came across this:


AIG said last week that the change in estimated losses came after its auditor, Pricewaterhouse-Coopers, noted a “material weakness” in AIG’s internal control over the financial reporting and fair valuation of the CDS portfolio, which is held by its subsidiary, AIG Financial Products. The AIG subsidiary writes CDS on the super-senior tranches of CDOs on residential mortgage-backed securities. AIG underwrote a little over $500 billion in super-senior CDS, mostly on securities such as corporate loans, but also including some $78 billion related to CDOs, which have some exposure to subprime and have been losing value.

financial week

thought it was pretty current, the date being Feb 18, until I noticed that it was Feb 18, 2008 This article is a year old! just the beginning of the disaster except that we weren't hearing it was that bad back then. I think the insuring of bonds that represented loans is a big part of the mess and i don't even begin to know the extent of the damage.



posted on Feb, 24 2009 @ 01:09 PM
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Where is the money?

It has to be going somewhere.

Evidently, this is too difficult a concept to ask simple straightforward questions like that.



posted on Feb, 24 2009 @ 02:01 PM
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reply to post by grover
 


I agree wholeheartedly with your post,except instead of locking them up they should be put in front of a firing squad, not blindfolded on national television. This rape/robbery is enough to make me pro capital punishment.



posted on Feb, 24 2009 @ 02:07 PM
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reply to post by sad_eyed_lady
 


The last time I advocated for firing squats for our elected officials I was told by a member that called itself "watchdog in the board for the Secret service" that I would be deal with.


I wonder what happen to him or her.


Anyway what this people has done is nothing but fraud and still they are allowed to keep leaching the government and robbing the tax payer with the help of the government.

Nothing but corruption but as usual nobody listens.

Can I say bend over a littler more please.



posted on Feb, 24 2009 @ 04:47 PM
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Is AIG an example that trying to bailout these failing companies is not working? AIG has received a $150 Billion rescue package from the government and still is reportedly asking for more help.

When these failing companies are still going under despite multi-billion dollar rescue packages is it time to reexamine the current economic initiatives being promulgated today by the government?

www.weeklypoint.com...



posted on Feb, 25 2009 @ 09:18 AM
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Originally posted by marg6043
reply to post by sad_eyed_lady
 


The last time I advocated for firing squats for our elected officials I was told by a member that called itself "watchdog in the board for the Secret service" that I would be deal with.


I wonder what happen to him or her.




He/she was probably some right wing whack job... they get off on crap like that... makes em feel big and important trying to intimindate people.



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