AIG announced a $61.7 billion dollar loss in the 4th quarter of 2008, the worst single-quarter loss in US corporate history. Annual losses for 2008 were $99.1 billion.
AIG announced a $61.7 billion dollar loss in the 4th quarter of 2008, the worst single-quarter loss in US corporate history. Annual losses for 2008 were $99.1 billion.
$99.1 BILLION. Let's take a moment to try and wrap our heads around this. AIG lost slightly more than Syria's entire GDP for 2008 ($96.5 billion).
Another way to look at it? They lost $22.95 per share. Those shares are now worth 47 cents a piece. I can buy a can of cat food for more than that. Those same shares were worth $51.47 a year ago.
IMHO, the entire Board of Directors and executive staff of AIG should be red-flagged such that they can never run anything bigger than a lemonade stand again.
I realize the ripple effect that an AIG failure would have, but seriously...haven't they already failed? Should we really keep throwing good money after really, really bad money, especially if the same people are at the helm?