Monday, March 02, 2009
AIG blows bailout on recordbreaking 4th quarter loss
by Larry Geller
I don’t know if this news was out in time to make Monday’s papers. A new record was set! Reuters reports:
American International Group Inc reported a $61.7 billion fourth-quarter loss on Monday, the largest quarterly loss in U.S. corporate history, after a revised rescue plan from the U.S. government.
Yes, that AIG. The insurance company that we taxpayers gave $150 billion to just recently. Woosh! $61.7 billion of that gone already.
Just thought you’d like to know how well the bailout is going. Is AIG too big to fail, or too sick to bail?