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Sources close to the company said the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate.
That massive loss is likely to spur downgrades in its insurance and credit ratings that will force AIG to raise collateral that it doesn’t have.
I’m not even going to pretend to understand what is going on, but I will say this- if I owned 80% of something, and every damned month it cost me a metric ton of money I did not have, it would not be too long before I drove that something off a cliff, hit it in the back of the head with a shovel, or shot it multiple times at close range.
Why can’t we shoot AIG and bury it in the backyard?