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I dont know what adjectives are left to describe this. How many times have we been assures that the previous AIG bailouts would work???
http://money.cnn.com/2009/03/02/news...ion=2009030207
I would say continuing to bailout AIG poses a greater risk to taxpayers than any failure of the company would...
AIG suffers $62B loss, bailout revamped
Wracked by turmoil in the credit markets, insurance giant records massive loss. U.S. amends rescue plan to help insulate financial system.
NEW YORK (CNNMoney.com) -- Insurance giant American International Group reported a stunning $62 billion quarterly loss on Monday, while government officials unveiled their latest efforts to prevent the collapse of the firm.
Overwhelmed by ongoing deterioration in the credit markets and charges related to its restructuring, AIG's losses overwhelmed the firm during the fourth quarter. Its $61.7 billion loss amounted to $22.95 per share.
AIG's loss for the full year was even more dramatic -- $99 billion. In 2007, the company reported a profit of $9.3 billion.
To keep both the company from cratering and causing broader fallout across the financial system, the government said it would overhaul its bailout, which is aimed at helping the besieged firm unwind in an orderly way.
"Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high," Treasury said in its announcement.
Wracked by turmoil in the credit markets, insurance giant records massive loss. U.S. amends rescue plan to help insulate financial system.
NEW YORK (CNNMoney.com) -- Insurance giant American International Group reported a stunning $62 billion quarterly loss on Monday, while government officials unveiled their latest efforts to prevent the collapse of the firm.
Overwhelmed by ongoing deterioration in the credit markets and charges related to its restructuring, AIG's losses overwhelmed the firm during the fourth quarter. Its $61.7 billion loss amounted to $22.95 per share.
AIG's loss for the full year was even more dramatic -- $99 billion. In 2007, the company reported a profit of $9.3 billion.
To keep both the company from cratering and causing broader fallout across the financial system, the government said it would overhaul its bailout, which is aimed at helping the besieged firm unwind in an orderly way.
"Given the systemic risk AIG continues to pose and the fragility of markets today, the potential cost to the economy and the taxpayer of government inaction would be extremely high," Treasury said in its announcement.
I would say continuing to bailout AIG poses a greater risk to taxpayers than any failure of the company would...
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