AIG Pays Back $2 Billion More, No Good Deed Goes Unpunished (AIG)
Some companies just can’t win for losing. particularly when they are tied to the financial sector at the hip and have major trading exposure to banks in America and Europe. When we saw news that American International Group, Inc. (NYSE:…
The funds came from the sale of Nan Shan Life Insurance. The problem is that AIG still only has a small portion of its shares sold by Uncle Sam and the stock has fallen since the offering along with the broad market and with the battered financial sector. If the math is correct, the debt tab is down to about $51 billion outside of another $18 billion or so owed to the Federal Reserve Bank of New York.
AIG closed at $22.70 on Thursday, after having been above $25 as recently as Wednesday. AIG shares were even above $29.00 at the end of July before S&P cut the U.S. sovereign debt rating.
Shares are down another 1.3% at $22.40 this morning and the 52-week range is $21.72 to $62.87.
No good deed goes unpunished.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
