Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 85.57

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Nov 26 3:59 PM EST

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From: Road Walker	3/2/2009 7:16:02 AM
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OT, I guess... How do you 'lose' >$60Billion in three months? (answer CDSs). AIG posts $61.7B 4Q loss, bailout is restructured 34 mins ago CHARLOTTE, N.C. – American International Group is reporting that continued financial market turmoil has resulted in a large fourth-quarter loss. Monday's results come as the U.S. government is announcing a restructuring of a bailout plan for the troubled insurer, extending $30 billion in additional aid to the company. New York-based AIG, once the world's largest insurer, said Monday it lost $61.7 billion, or $22.95 per share, after a loss of $5.3 billion, or $2.08 per share, a year ago. The latest results include $7.2 billion in unrealized losses and credit valuation adjustments at AIG Financial Products, the source of credit-default swaps, and pretax losses of $21.6 billion tied to the declining value of AIG's investment portfolio.

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