AIG Loses Billions
 Thursday, August 7th, 2008 by Connie T.
I thought I was seeing a lot more AIG commercials than usual. The
insurance company American International Group has reported a quarterly loss of around
$5.36 billion in profits. Um, isn't the kicker in that news that an insurance company
was looking to make over $5 billion in profits?
The loss was blamed on the
housing and credit markets, with the major hits being taken in bond investments and mortgage-backed
securities.
Citigroup, Merrill Lynch, HSBC, Bank of America, and Morgan Stanley - among
others - have also reported losses in the amount of billions over the last quarter.
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