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I Guess This Means Aig Stock Will Rise 10 Tomorrow

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by Felix Salmon
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May 08 2008 12:00am EDT

I Guess This Means AIG Stock Will Rise 10% Tomorrow

I'm with Megan Barnett on this one: the time to announce a 10% increase in your dividend is not when you're simultaneously annoucing a $7.8 billion loss in a single quarter. Yes, $7.8 billion. I know we're all getting inured to large numbers these days, but that's a loss rate of $120 million per working day. At an insurance company. That's just ugly. It's good they're defenestrating promoting to vice chairman their CFO, but I'm slowly becoming disillusioned with this company. Not so long ago, they were the best insurance company in the world. Today, that would be Berkshire Hathaway. And I'm not even sure that AIG is in the top five any more.

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