The “A” in AIG stands for “Are you kidding?”
Posted by drocolate on March 2nd, 2009
AIG announced today that it lost $61 billion last quarter. Let that sink in for a second. It’s the biggest quarterly loss in corporate history.
This is an especially tough pill to swallow when you think about how the government gave AIG a $150 billion bailout package last November. And when you hear that the government is planning on throwing them another $30 billion.
Now I understand that when you’re down in a really, really deep hole it can be very hard to climb out, but come on! $180 billion?!?! And experts don’t think the bailouts will end with that.
I just don’t know what to say about all of this. Makes me sicky. Bleh.
Tags: AIG, bailout, freeloaders
Initially I understood the government’s move but now I am re-thinking my stance. I hadn’t recalled that they received the prior money. Independent of that, it should be survival of the fittest. Every new bailout was done because without one it would be a “disaster.” This has been going on for quite a while now and I have yet to see a disaster. People always find a way, no matter how bleak economic conditions appear. AIG’s failing would open the door for another company to service its clients.
Ryan
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And AIG can’t even accurately report the amount in bonuses being paid these executives. First it was $165 million and now the amount is over $200 million. It seems there is no stopping the transfer of wealth from the citizens to the elite executives at such companies like AIG. This company should be immediately broken up and sold.