AIG posts $8.9 billion loss (AIG may need more government support)

[Cali_Democrat]

http://finance.yahoo.com/news/AIG-posts-89-billion-rb-4019897031.html?x=0&sec=topStories&pos=5&asset=&ccode=

By Paritosh Bansal

NEW YORK (Reuters) - American International Group Inc (NYSE:AIG - News) reported a quarterly loss of $8.9 billion, hurt by loss reserves and efforts to repay the U.S. government, as it struggles to find its feet more than a year after its $182.3 billion rescue.

AIG's general insurance unit, Chartis, and domestic life insurance and retirement services, SunAmerica Financial Group, showed improvement. But the market remained skeptical, and AIG shares fell 7.9 percent to $25.33 in Friday midday trading on the New York Stock Exchange.

<snip>

The loss shows the U.S. government, which owns nearly 80 percent of the insurer, still has a long wait before it gets back its direct investment in AIG, which includes about $25 billion outstanding under a Federal Reserve Bank of New York credit facility and roughly $45 billion in equity.

<snip>

In a regulatory filing AIG warned, as it has done in previous filings, that it may need additional U.S. government support. But it also 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."

Read more at link.

[OhioChick]

1. Let them fail.....

More government support, my ass. After they smeared their bonuses, vacations, etc. in our faces. Screw them.

[Cali_Democrat]

4. The executives got bonuses for running a company that posted $8.9 billion loss

Only in America.

[Romulox]

17. The President went on TV and said that bonus contracts were "Sacred"

even though the companies paying these bonuses were insolvent. :hi:

[jtrockville]

21. Indeed. Who else could run a company into the ground so thoroughly?

I mean... if they didn't get their bonus, they might quit. Then who would be left to run the company into the ground? I doubt we could find anyone, either here in the US or abroad, who is qualified to create such a mess.

[Romulox]

23. Indeed. Moreover, they have a CONTRACTUAL RIGHT to these bonuses!

Though the US taxpayer wasn't really a party to any of these contracts, which made the President's (former President of the Harvard Law Review, let's recall!) argument that the US taxpayer owed these bonuses to the banksters bizarre and illogical, predicated entirely upon an appeal to the "Sanctity of Contract" as it was. :shrug:

[Lorien]

19. Let 'em do what we small business owners do; use our OWN money to shore

up the company, and borrow cash from friends and family if it's not enough. Hey, that's how the "free market" works!

[AllentownJake]

2. This is what happens when you bail-out insurance companies and banks nt.

[Luciferous]

3. Fuck them.

[joeybee12]

5. They should just ressind their executives' bonuses....that should put

them back in the black.

[no_hypocrisy]

20. Agreed. Ask for the bonuses back.

[Hawkeye-X]

6. This taxpayer says "FUCK NO!"

And let them FAIL!

LET THEM FAIL!

Hawkeye-X

[MineralMan]

7. Lock their doors. Seize their assets.

Put it in the Treasury.

[Cali_Democrat]

8. I still can't believe we've given them over $180 billion in taxpayer money

That's bigger than the gross domestic product of many countries.

Absolutely INSANE.

[NC_Nurse]

9. Let Goldman bail them out. They got most of the first AIG bailout, right?

otherwise, let them fail.

[Tippy]

10. So if they have enough to see them trough 12 months why do they

need another bail out....NO WAY IN HELL AIG...we helped you once now your on your own

[Lochloosa]

11. Nationalize "them" and then sell "them" off in pieces.

I put quotes around "them" because they are now a "person".

[MUAD_DIB]

12. Seconded...

Which brings up an odd query.


If corporations consider themselves to be "persons", and if they are broken up does that amount to cloning?

[RKP5637]

22. EXCELLENT IDEA!!! n/t

[leftstreet]

27. +1

[Rambis]

13. Everything associated with AIG debt ridden

[RKP5637]

14. FUCK THEM!!! LET THEM FAIL!!! I'M TIRED OF THIS CRAP!!! N/T

[elocs]

15. The line. Everyone has had the car that every few months it is something else wrong,

and you keep pouring money into it. Everybody has to have a line when that car reaches the point and you say, "that's it, I'm done".

This is the line for AIG. No sense in throwing more good money after bad. We should be done with them.

[Romulox]

16. But we MUST bail out AIG (again, and again, and again...) or they're be ARMAGEDDON!!11!!11 (again).

Notice that not a single one of the "Thank GAWD" brigade will post on threads like this?

[Romulox]

18. "Heck of a job, Timmy!" - B. Obama. nt

[applegrove]

24. Once again thanks to the people of the USA for bailing out AIG that insures

banks around the world. Thank you.

[Octafish]

25. They should've called GEICO.

15 minutes and they could save up to 15-percent on quadrillion dollar hedge funds.

[Subdivisions]

26. DIE AIG! AND THEN JUMP, MOTHERF*CKERS! n/t

[ChromeFoundry]

28. Fuck them. Let them go down. n/t

[amborin]

29. ask Goldman Sachs for the $37 million back