Bloomberg Video: AIG Earnings

Thursday, August 07, 2008 | 12:00 PM

Yesterday, I was supposed to do a quick 3 minute spot at Bloomberg, so I headed off to the studio after the close to talk about AIG earnings.

Only the AIG earnings were rather delayed (more than 20 minutes), so I got to babble for a good long time.

click for video


Running time 13:38


Barry Ritholtz, chief executive officer of Fusion IQ, talks with Bloomberg's Julie Hyman in New York about American International Group Inc.'s second-quarter loss reported today, his recommendation of Western Union Co. and the outlook for the financial industry. AIG, the world's biggest insurer by assets, posted a $5.36 billion loss as writedowns tied to the housing slump wiped out profit for a third-straight quarter. (Source: Bloomberg)

00:00 AIG, Western Union, Fannie Mae, Freddie Mac



Fusion IQ's Ritholtz Expects More Writedowns at AIG: Video
Bloomberg, August 6, 2008 19:58 EDT

Thursday, August 07, 2008 | 12:00 PM | Permalink | Comments (27) | TrackBack (0) add to | digg digg this! | technorati add to technorati | email email this post



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American International Group Inc., the biggest U.S. insurer by assets, fell the most in at least 28 years of New York trading after writing down more than $11 billion of holdings and saying it won't rule out raising capital.

``It's very hard to predict right now when and if we'll need more capital,'' Chief Executive Officer Robert Willumstad said today in a conference call with analysts. ``Future losses can change that assumption and we're obviously dependent on the condition of the U.S. housing market.''

Willumstad faces increasing pressure to turn around AIG after the insurer posted more than $18 billion in losses over the past three quarters. The second quarter's $5.36 billion loss, reported yesterday, was worse than analysts predicted and renewed concern that AIG may need to raise cash by selling shares. Willumstad called current capital ``satisfactory.''

AIG slid as much as 18 percent in New York Stock Exchange composite trading, its biggest one-day drop since at least July 1980. The stock declined $5.11 to $23.98 at 11:21 a.m., leaving the shares down almost 60 percent this year. AIG's quarterly loss was driven by $5.56 billion in pretax losses tied to credit- default swaps.

Posted by: Hugh Son | Aug 7, 2008 12:18:38 PM

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