Everyday the company posts a standard email updating every corporate employee on the finical standings and current outlook in specific sectors the company is involved in. The emails literally only speak of the good things that can come in those sectors and pass by the awful financial news. The emails are basically there to try and "fool" a company employee in believing that things arn't really that bad compared to what is coming out of the news networks. On the contrary things are much worse than the corp. news stations are getting their hands on. Since I work for a sister company of AIG we are closely tied into many of the financial /bail out dealings that AIG has sucked up from the Govt. so we too fall under those very closely watched guidelines. I work in a re-insurance firm (i honestly don't feel safe in naming it) where i would say that 60 - 70 % of our clients we received are through AIG. But ever since AIG has been getting even more bad reviews by the taxpayers (more than when AIG received the first bailout) out intake has dropped dramatically over 40% December.Full link here (hat tip Yves Smith)
And everyone at AIG KNOWS that it WILL file for Bankruptcy in the next 2-3 months after they sell off their subsidiaries. Just last week i had a meeting with a client in the AIG NYC office where people were acting like it was just another normal day. Even though i noticed little things that were different; tvs weren't tuned to CNN of CNBC rather turned to ESPN watching the upcoming NCAA tournament. Employees are told to act like normal, walk around with big smiles and never show any stress of the real world and media. Its just so sad to see so many hard working people who are just like you and me (other than the SVP and higher ups) just sitting around in their cubicals and offices knowing that soon enough they will be desperately looking for another job just to support their families.
*** and yes, the source is reddit and could easily be total bs... so tread carefully... as you are buying stocks today... don't forget to buy stocks. Sphere: Related Content Print this post