We are hearing that AIG is going to announce a SIXTY BILLION DOLLAR LOSS and they need more money! This is astounding! Honestly, when the Treasury and the Fed gave them $40 billion in TARP money and paid $52 billion to take them out of their CDO credit default swap exposure.....I figured except for a few odd billion we were done with that trainwreck. I'm speechless. Like Merrill Lynch, does AIG have a tanker tied up off shore that is holding all their toxic positions? These suckers just keep on coming. How the hell can we possibly lend them another dime? They should be out of the systemic counterparty risk category right? Uncle Sam already took care of that. If it's the money we already gave them that AIG is using as the hook for more of our dough...they should be told to stick it. Time to cut our losses, which a lot of us said a long time ago.
Anyway, I have to go get a physical and now my blood pressure is through the roof! I'll be back with details later. Oh, let's keep this in front of us while we think about giving more money to GM and Chrysler.