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Management at AIG has calculated exactly how much money the Treasury and Fed will have access to after all of the TARP, financial stimulus, and mortgage bailout projects have been funded. The insurance company then plans to ask for whatever is left to fund its deficits so that it can stay in business, effectively making the federal government insolvent...

Author: /time Magazine | Title: AIG's Distress: Are There Enough Fingers for This Dike? | 2/24/2009 | See Source »

...According to CNBC, AIG is about to post another huge loss. "Sources close to the company said the loss will be near $60 billion due to writedowns on a variety of assets including commercial real estate." The financial channel also reports that the need for capital may be so great that AIG might have to enter Chapter 11, something the government has spent over $130 billion trying to prevent. (See pictures of the Top 10 scared traders...

Author: /time Magazine | Title: AIG's Distress: Are There Enough Fingers for This Dike? | 2/24/2009 | See Source »

...Just like Detroit, Bank of America (BAC), and Citigroup (C), AIG is playing a game of chicken with Washington that the government does not feel it can afford to lose. Imagine what it would be like if all of these businesses failed at the same time. (Read a TIME story on why the government wouldn't let AIG fail...

Author: /time Magazine | Title: AIG's Distress: Are There Enough Fingers for This Dike? | 2/24/2009 | See Source »

...Little Dutch Boy is running out of fingers. The water that threatens to swamp the international financial system is getting closer to breaching the walls and pouring in. A month ago that seemed inconceivable. Now the odds that the government will have to allow large operations like AIG go into bankruptcy are fairly high. The trouble with that is not what will happen to AIG. As the market found out with the Lehman Brothers bankruptcy, many of the firms that are doing business with a very large financial institution when it becomes insolvent can have transactions worth billions of dollars...

Author: /time Magazine | Title: AIG's Distress: Are There Enough Fingers for This Dike? | 2/24/2009 | See Source »

...return to health, plus effective control of the company. Whether the government's stake would rise to the 100% that many economists recommend - completely wiping out existing shareholders - is questionable. But Citi does seem inexorably headed for the same ward-of-the-state status currently occupied by insurer AIG and mortgage giants Fannie Mae and Freddie...

Author: /time Magazine | Title: The Beleaguered Banks Get Ready for Their Big Test | 2/24/2009 | See Source »

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