I can understand that perspective... but at fifty cent shouldn't investors in the stock market already have factored this? This move at the last hour of today seems fishy.
$477 Billion dollars of CDS exposure and all of the counter-party risk that is associated with that says otherwise.
Thus far, this is greatest disgrace of the era. American taxpayers are hooked for mind boggling sums solely because individuals at AIG created and sold derivatives which -- (1) served no purpose other than making those individuals rich, along with certain, favored buyers of those policies (Hank's pals among them), (2) were certain to destroy the company, as all persons involved had to know.
The govt must immediately make a deal to purchase 79.9% of AIG for $50B. The netting-exposure on the CDS obligations alone are astronomical. AIG needs to be the priority. Nationalize the "Big 3" risks -- AIG, C and BAC, in that order. AIG is LTCM*10^30
this is unbelievable......AIG acts with greed and deceit, but the tax payer is the one to take the heat. unbelievable.
Top U.S., European Banks Got $50 Billion in AIG Aid http://online.wsj.com/article/SB123638394500958141.html