Developing Bombshell:
AIG Preparing For Possible Bankruptcy Ahead Of $60 Billion Loss
David Faber on CNBC reporting that AIG (AIG) has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral postings, more capital needed to survive, and yet another mega systemic if not shock then question mark.
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