AIG To Report Largest Quarterly Loss EVER

by Dual Income No Kids on February 24, 2009 · 0 comments

Hi All,

Jeze, the bad news just keeps on coming. Reuters is now indicating that the insurance giant AIG will be reporting a loss of 60 billion dollars, the largest ever in US corporate history (ouch). They are already negotiating with the Feds for more money.

By the way, AIG is trading at .53 cents a share. Its virtually worthless.

On the one hand, I’m happy to see these major corporations go, capitalism is ultimately better off when older less well run businesses fail…but on the other hand, its painful to watch the train wreck happening, especially when so many jobs and taxpayer dollars are on the line. That’s a lot of wealth lost in a very short period of time.

Man. I just want to go to bed and wake up when its time for another housing boom.

Best,

James

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