Monday, March 2, 2009

Losing $11million an hour.

AIG loses $99bn in 2008

AIG is to money as black holes are to light: sucky. Its net loss for 2008 is a massive $99.3bn. The US government has announced it is to give another $30bn to the insurer, which is deemed to big to fail.Shares in AIG rose 10% in early morning trading.

Posted by little professor @ 02:37 PM (689 views)
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3 thoughts on “Losing $11million an hour.

  • That’s a relief…

    ……Under $100bn.

    Thanks to the sheer artistry of accounting!

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  • Tax money is piling into AIG, they are using it to pay off all the CDSs they wrote.

    Who is getting it?

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  • Tenyearstogetmymoneyback says:

    2. Nomad said…Tax money is piling into AIG, they are using it to pay off all the CDSs they wrote.

    Who is getting it?

    I suppose the question is whether the money ever really existed in the first place.
    If it did it was probably spent many years ago when house prices were booming.

    To link into the house price theme and my user name the house I bought for £65000 in 1989
    was worth £48000 in 1995. As it was no one lost any money as I sold for £70000 in 1999.
    However, had I defaulted on the mortgage in 1995 (which lots of people did) the company that
    held my Mortgage indemity Insurance would have had had to fork out £22000. The person who
    “got” the money would have been the seller back in 1989.

    :- Duncan

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