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General News 2/24/2009 at 10:39 AM EST

Developing Bombshell: AIG Preparing for Possible Bankruptcy Ahead of $60 Billion Loss

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Amanda Lang

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David Faber on CNBC reporting that AIG (AIG) has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral postings, more capital needed to survive, and yet another mega systemic if not shock then question mark.

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At seekingalpha.com

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OpedNews volunteer from 2005 to 2013.

Amanda Lang was a wonderful member of the Opednews team, and the first volunteer editor, for a good number of years being a senior editor. She passed away summer 2014.

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