This Reuters headline is no shock to readers of BobandScott.com. AIG is in freefall. Citigroup is jumping on the bandwagon moving this thing down. The 1 for 20 reverse split didn’t do anything but mask the downfall.
AIG is now simply a vehicle to deliver what is owed. This will go away as soon as the US government has an organization in place to bring in financial entities other than banks.
Don’t even think about buying shares. I don’t care where they once were. The assets that the company was built on are being sold off. The assests that provided big returns with extreme risk are what will remain. You can have it. By you, I mean you and me via the US Gov’t.
AIG is going away!
Recent AIG articles from BobandScott.com
- AIG is Almost Gone (7/7/2009)
- AIG Continues its Trend Down (7/2/2009)
- AIG is Going Away (6/30/2009)
- AIG’s Deep Hole (5/17/2009)
July 9 (Reuters) – Citigroup said there is a high probability that American International Group Inc’s (AIG.N) equity value is zero, given the risk of more credit default swap (CDS) losses and the management’s eagerness to dispose of key businesses at low valuations.