According to Newsmax.com, "American International Group has already taken $61 billion of the $85 billion loan offered to it by the U.S. Treasury ..." Incredible.
Can you imagine paying full tuition and putting $15,000 in your college kid's account for books & food for the year, then getting a call in the middle of the fall quarter informing you they've already spent almost $11,000? But don't worry, says A.I.G.'s new CEO, Edward Liddy. He claims a "strong, viable and nimble AIG will emerge from this crisis." This is about as comforting as your college kid telling you "I can eat Top Ramen the rest of the year."
Rating firms Moody’s and Standard & Poor’s seem to agree. After A.I.G.'s announcement they immediately downgraded A.I.G.
- Mark
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