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Monday, February 23, 2009

CNBC: AIG Asking for more Government Funds

by Calculated Risk on 2/23/2009 02:42:00 PM

Cartoon Eric G. LewisCNBC Headline: AIG Is In Talks With Government To Secure Additional Funds to Keep Operating, CNBC Has Learned

Click on cartoon for larger image in new window.

Cartoon from Eric G. Lewis

Update from David Faber: AIG Seeks More US Funds As Record Loss Looms
Sources close to the company said the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate.

That massive loss is likely to spur downgrades in its insurance and credit ratings that will force AIG to raise collateral that it doesn't have.