This cannot be good…
Via Reuters:
Sept 16 (Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) faces heightened probability of a potential bankruptcy filing by the holding company, a Credit Suisse analyst said Tuesday, a day after the insurer’s credit ratings were cut, jeopardizing efforts to raise cash necessary for its survival.
Shares of AIG, once the world’s largest insurer by market value, fell as much as 74 percent to $1.25 in early trade on Tuesday, as investors fretted over the company’s ability to secure desperately needed capital.
"While there is a chance the company can work its way through its liquidity problems if it can secure substantial bridge financing, we think this will be challenging to execute it in the current onerous credit environment," analyst Thomas Gallagher wrote in a note to clients.
Like I said before, if you’re invested in any of these banks. You have my sympathies. 🙁
Up to date numbers:
10,890.81
-26.70
(-0.24%)
2,172.85
-7.06
(-0.32%)
1,188.62
-4.08
(-0.34%)
Chart:
While the temptation to politicize this whole thing is great. This has been coming for years. I just do not think that having a Democrat in the White House would change anything at all.