In pre-market trade the stock is down 8% at $27.31. Our last post on the former behemoth was Jan. 27's "How's That "Short AIG Working Out?" "Back-month bears bet on an extended slide for the insurance issue" (AIG)".
From The Market Ticker:
Gee, who saw this coming... oh wait - not in the press release, is it?
NEW YORK--(BUSINESS WIRE)-- American International Group, Inc. (AIG) today reported a net loss attributable to AIG common shareholders of $8.9 billion for the fourth quarter of 2009, or $65.51 per diluted common share, compared to a net loss of $61.7 billion or $458.99 per diluted share in the fourth quarter of 2008. Fourth quarter 2009 adjusted net loss was $7.2 billion, compared to an adjusted net loss of $38.5 billion in the fourth quarter of 2008.
Blah blah blah blah look at the 10Q filed with the SEC:
AIG has been significantly and adversely affected by the market turmoil in late 2008 and early 2009, and, despite the recovery in the markets in mid and late 2009, is subject to significant risks, as discussed below. Many of these risks are interrelated and occur under similar business and economic conditions, and the occurrence of certain of them may in turn cause the emergence, or exacerbate the effect, of others. Such a combination could materially increase the severity of the impact on AIG. As a result, should certain of these risks emerge, AIG may need additional support from the U.S. government. Without additional support from the U.S. government, in the future there could exist substantial doubt about AIG's ability to continue as a going concern. See Management's Discussion and Analysis of Financial Condition and Results of Operations — Consideration of AIG's Ability to Continue as a Going Concern and Note 1 to the Consolidated Financial Statements for a further discussion.
That's not a sentence you ever want to see in a quarterly report. It winds up in there because the auditors essentially make you do it - that is, the bean counters think you're a few beans short of a box....MORE