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Ha ha. So much for allowing AIG billions of shares of stock and then expect the “getting smarter” stock purchaser to buy worthless stock.
I guess the “taxpayer” will not profit from saving the titanic.
AIG had a Crooked Executive Officer in 2004 and them the legislature made them an offer they couldn’t refuse. Now we have a real problem with government as a partner with a company of questionable virtues with their noses under the tent of State regulation of insurance. It will not get any better until we clean house and begin regulation of corporations that are “Too big to Fail::and too Big to Manage.
This is shocking…especially for a Fed & Wall Street manipulated stock!
AIG cannot make money on their traditional insurance biz, so they are going back to the MBS biz & who knows what else. AIG remains a taxpayer backed black hole.
I wonder how much the analyst believes AIG is under-reserved. My guess would be still several billions of dollars. But if/when announced it would probably kill any chance of the government getting out at a profit. So it will be interesting to see how they couch this if necessary.