Wall Street Breakfast: Must-Know News -- Seeking Alpha: "American International Group's (AIG) Financial Products unit - the department responsible for the bulk of AIG's problems - is unlikely to wind down by year's end as originally planned. Gerry Pasciucco, the Morgan Stanley vet hired to close the unit that sold CDS, said that as of end of Q1 positions have been reduced to $1.5T (yes, trillion), vs. $2.7T in early 2008, and that billions of dollars remain vulnerable. He expects that it will take at least another year to wind down all positions; the company may require more bailout funds meanwhile."
Wednesday, April 15, 2009
at 8:36 AM