Monday, February 23, 2009

Bombshell: AIG Preparing For Possible Bankruptcy Ahead of $60 Billion Loss

Developing bombshell: David Faber reporting that AIG has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral postings, more capital needed to survive, and yet another mega systemic if not shock then question mark. Poor Geithner is likely about to follow Stamatis' example and just call it a day. Sphere: Related Content
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4 comments:

g. said...

Don't get the Stamatis reference, sorry.

Tyler Durden said...

see the post right below

Advant Guard said...

Obviously, nationalizing the banks is the solution to our problem; it worked so well with AIG.

Silk32 said...

To bail out AIG would be to throw "good money after bad". The government should admit it's been licked. AIG isn't a going concern anyway? Do you know of anybody dumb enough to purchase insurance from AIG? To learn more go to www.newyorkshockexchange.com