AIG hires law firm to draw up bankruptcy papers: report

[DJ13]

Source: Reuters

35 minutes ago

NEW YORK (Reuters) - American International Group Inc has hired law firm Weil Gotshal to draw up bankruptcy papers, the New York Times reported on Tuesday.
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AIG could file for bankruptcy as soon as Wednesday if a financing solution is not reached, according to the Times, citing a person briefed on the matter.

Read more: http://news.yahoo.com/s/nm/20080916/bs_nm/aig_bankruptcy_dc_1

[BootinUp]

1. Let them die. nt

[SOS]

2. Poorly managed businesses go bankrupt

The free market knows best!

[zbdent]

3. just saw a commercial on TV for them ...

essentially saying "Trust us ..."

[dixiegrrrrl]

4. Does anyone have any idea of how serious this is???

AIG holds enormous amounts of people's retirement money.
and insurance money.
all over the world.

They fall, and in one stroke millions of people lose their retirement money.
Huge state pension plans go belly up.
People living off of annuities lose their income.

So more foreclosures, severe hit to day to day economy.

The only major segment of the US economy left has been the financial market.

No major manufacturing, no major service industry, government contracts all went off shore.

Think about this.

If you are still paying into a retirement plan at work, find out where that money is being stashed and what you can do about it.

[sandnsea]

6. It's like BofA going under

I don't think people realize or they wouldn't be rooting for them to go out. And if the government steps in with the bail-out, well, I laugh at FDIC. People will get it by Christmas I suppose.

[BootinUp]

9. Someone would buy the important bits

As soon as the price is low enough. Maybe aother big failure is exactly whats needed right now.

[robertpaulsen]

5. If they file tomorrow, expect a 1000 point drop. n/t

[SmokingJacket]

7. No -- govt bailout to the tune of $85 million.

Why was the thread about the takeover locked??

[halobeam]

8. you can still read the thread

I think it has to do w/ title of thread...

edit to correct: incorrect link issue was the prob.

[nradisic]

10. Too big to save?

I'm not sure we should save AIG? Maybe they should just under...