In a sign that crisis continues to reverberate through the financial sector, American International Group Inc. reported multibillion-dollar losses Thursday. The giant insurer also announced that it would raise $12.5 billion in capital to replenish its balance sheet.
AIG's results show that while the credit crunch may be easing on Wall Street, it appears to be tightening elsewhere.
I still think our situation is being impacted by the ugliness of the credit markets. I hope the tide is turning. It seems to be in some areas. But, as Margo famously said, Fasten your seatbelts, it's going to be a bumpy ride."
A slight misquote, as I'm sure some will point out...