AIG Bucks The Trend
Most other financial firms posted better than expected quarterly results that has lead to a rise in stock prices over the past few weeks. Not AIG. It posted a $5.4 billion loss after yesterday's market close, which lead to today's 220-point market decline. AIG's stock dropped 18% and the ratings agencies are looking to cut its credit rating. AIG's new CEO is feeling the heat for not addressing AIG's problems fast enough and dumping assets.