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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
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From: elmatador7/31/2008 9:01:34 AM
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Allianz's Dresdner Bank unit in Frankfurt reported more than 2.5 billion euros of writedowns related to the credit crisis since the beginning of 2007.

Writedowns at Axa and Allianz pale next to New York-based American International Group Inc., the world's largest insurer by assets. AIG fell 9 percent to $27.43 in New York yesterday after investor Bill Gross predicted the U.S. housing slump will cost banks and brokerages $1 trillion.

ELMAT: Here we can see how Bill Gross helps his employer by sending to the dogs the shares of competing insurance company AIG

AIG raised $20.3 billion by selling stock and debt in May to protect against further writedowns after reporting two record quarterly losses totaling about $13 billion. Its writedowns amount to $39.6 billion -- more than half of the $77 billion the insurance industry has taken since the start of last year.
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