AIG has already stolen and misused over $100 Billion or $150 Billion (do numbers even matter anymore in Washington?) in taxpayer money!
Too big to fail? What the hell does that even mean?
Bloomberg reports:
American International Group Inc., the insurer deemed too important to fail, may get a commitment for as much as $30 billion in new government capital after a record quarterly loss, said two people familiar with the matter.
The insurer may also be allowed to make lower payments on government loans, said the people, who declined to be identified because there was no public announcement. New York-based AIG may forfeit part of stakes in its two largest non-U.S. life insurance divisions to lower the firm’s debt, the people said.
American International Group Inc., once the world’s largest insurer, said Monday it lost $61.7 billion in the fourth quarter, the biggest quarterly loss in U.S. corporate history, amid continued financial market turmoil.
The results come as the U.S. government also Monday announced a restructuring of a bailout plan for the troubled insurer, extending $30 billion in additional aid to the company.
New York-based AIG said it lost $22.95 per share in the last three months of 2008. It lost $5.3 billion, or $2.08 per share, in the same quarter a year ago. Revenue fell to negative $23.8 billion, as the company had to reverse gains it recorded from investments in past quarters.
Screw these companies.
This is why there is bankruptcy. This company along all the others should have filed for bankruptcy and reorganized their debt. All these bailouts are going to generate more bailouts. These companies have failed. Failure happens. Let them fail. This is Capitalism thinning the heard. Let them go and let’s move on.
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