AIG has 8 weeks of cash left

At the rate troubled insurance giant AIG is bleeding cash, there are only about 8 weeks left before the well runs dry, according to Mark Tucker, CEO of Prudential PLC.

The difficult situation is exacerbated by the general turmoil in the financial markets as willing bidders for AIG assets are waiting on the sideline.

And what about the original $85 billion bailout fund?

“AIG is using the funds primarily for collateral obligations for the credit default swap portfolio and general corporate funding.” The additional $37.8 billion facility is being used by the securities lending program that AIG operates as part of fulfilling the normal cash needs of the life insurance companies.

As the credit markets are trying to free up liquidity, the fear of a general worldwide recession is growing and adding to the downward pressure on the world’s stock markets. This is hurting AIG by reducing values of collateral that AIG is shoring up with Fed cash. At the same time, the value of investment-grade bonds is dropping, reducing the ability of AIG to raise cash, even from the Fed. This is putting severe pressure on AIG’s ability to operate freely. …

AIG’s Joe Norton would not disclose the date that AIG will release the 3rd Quarter earnings report. If AIG announces that the results will be published on Nov. 4 or 5, perhaps taking a leaf from the political handbook, it could be seen as a sign of extremely bad news that could be covered overlooked by the excitement of the presidential election.

Global de-leveraging continues unabated.

Get those winter gardens in.

Sarah the Fighter

Important announcement from “Our Country Deserves Better PAC”……

One of the major television networks that will be airing Barack Obama’s 30-minute propaganda commercial next Wednesday has offered us time to run our television ad “Sarah Is A Fighter” to counter Obama’s message.

We are working to raise the money to have this ad below run either immediately before or after Obama’s 30-minute address to the nation. We urge our supporters to donate whatever you can afford to help us raise the money to get this ad seen across the nation to counter Obama. You can contribute anywhere from $5 to $5,000 to counter Obama.

Here is the ad your contributions will pay for ……

please – make the most generous donation you can afford right now,


Go Forth And Contribute Some Money! Let’s get this Ad-buy done.

Freaky Friday Financials

Halloween arrived a week early in the financial markets this morning, as a sharp sell-off in the Asian markets is leading to a similar move on Wall Street. TEOTWAWKI? {cue spooky music}

Selling pressure is very strong in pre-market activity this morning. Futures trading is halted until 9:30 am Eastern.

Hang in there folks. It’s going to be a crazy day.

Update: (peaking out from the fortified bunker) … Thirty minutes into the trading day … No, the sky hasn’t fallen … yet.

Here are the headlines from cnbc.com

Continue reading

Obama locks up key endorsements

On Sunday, Barack Obama scored the stunning endorsement of General Colin Powell, guaranteeing that he would receive over 90% of the black vote.

Tonight, another stunner….. former WH Press Secretary Scott McClellan has endorsed Obama, thus guaranteeing that Obama effectively locks up 90+% of the ass-wipe vote.

Story from Media-Bistro (if anybody really gives a shite)

+++++

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