Hard to believe there would be buyers unless a gun was held to their heads - or unless the government planned to give AIG unlimited billions forever.
Britney Spears got it right - Oops, they did it again.
Here's a corporation that, Naked Capitalism, the WSJ, Bloomberg and the NYT just announced, will be taking another $30B from the U.S. government. This on top of other billions. And they'll be announcing a quarterly loss somewhere north of $60B tomorrow.
Great time for a public offering, right? Looks like they'll be doing it within the next 12 months. Better still, they may change the company's name because, after all, who'd be stupid enough to buy anything from the likes of AIG?
Here's the quote from Bloomberg:
"American International Group Inc., the insurer getting a third bailout from the U.S., may sell a 19.9 percent stake in its main unit offering coverage to corporate clients, a person familiar with the matter said.
An initial public offering of the property-casualty division, which was previously intended to be the core of New York-based AIG after a U.S. rescue, may happen by 12 months from now, said the person, who declined to be identified because no formal announcement had been made. The business may get a new name, the person said."
Read the whole piece here.