Hey it's only $61.7 billion, what's the big deal, only about a $1 billion per business day.-Lou
AIG Posts Record Loss, U.S. Pumps $30B More
CHARLOTTE, N.C. -- 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.
The latest results include $7.2 billion in unrealized losses and credit valuation adjustments at AIG Financial Products, the source of credit-default swaps, and pretax losses of $21.6 billion tied to the declining value of AIG's investment portfolio.
Read Article Here:
Posts
Quite a sad news from AIG in US...
ReplyDelete