With BofA poised to buy the fucked up Merrill Lynch and Lehman brothers taking a huge ass shit...now we see AIG is on their knees and begging for Federal Aid. From the NYT:
The American International Group is seeking a $40 billion bridge loan from the Federal Reserve, as it faces a potential downgrade from credit ratings agencies that could spell its doom, a person briefed on the matter said Sunday night.
Ratings agencies threatened to downgrade the insurance giant’s credit rating by Monday morning, allowing counterparties to withdraw capital from their contracts with the company. One person close to the firm said that if such an event occurred, A.I.G. may survive for only 48 hours to 72 hours.
A.I.G.’s sickly financial health emerged late into one of the most tumultuous days in Wall Street history. Lehman Brothers, the 158-year-old investment bank, is expected to file for bankruptcy protection Sunday night, while Bank of America has agreed to buy Merrill Lynch for $50.03 billion.
It has already raised $20 billion this year. But even that enormous capital raise may not be enough.
This is horseshit. These firms need to suck it up or fail, I don't give a shit who they are. Fuck the investors, they sure has hell aren't worried about what I pay to fill my gas tank, or what it costs to buy a small bag of groceries these days. Fuck em all. They might actually have to sweat a bit...just like the rest of us.
Tags: AIG, Lehman Brothers, Merrill Lynch