Monday, September 15, 2008

AIG: NY State Governor to Make Statement

by Bill McBride on 9/15/2008 11:53:00 AM

AIG was expected to announce a restructuring plan this morning. Apparently no news is bad news, and AIG stock is now off 63%.

MarketWatch is reporting: NY state governor to make statement about AIG at midday

Also, WaMu is off 20% and Wachovia is off 25%.

Update from MarketWatch: AIG allowed to access $20 bln in assets from subsidiaries

Update2: Governor Paterson (based on headlines):
AIG has liquidity problem.
Paterson urges Federal government to take action.
Paterson wants Fed's to provide bridge loan.
Paterson wants AIG to be able to shift capital (beware policy holders!)