Moodys and S&P Downgrades AIG's Credit This Evening - The Monkeys Are Running The Zoo. Could We At Least Get Some New Monkeys?

Insurance companies have been eating risk fed to them by financial institutions this cycle. I don't know specifically about AIG but why would they be any different? July 12, 2007

I wrote that on a money manager's blog when he posted a plethora of positive reasons why he was adding AIG to his portfolio back in 2007. At that time AIG was at $65. Now I surely never expected AIG to go out of business but I also never would have touched AIG at any time over the past few years either.

Now, this evening Moodys and S&P finally downgrades AIG's credit. Are you shitting me? I mean really. Moodys and S&P, could you possibly be so completely incompetent? The company is within hours of learning a possible terminal or unknown fate and you now decide it's time to issue a credit report? We really do need some new monkeys. I suggest the ones running FreeCreditReport.com Their analysis is more timely and generally more accurate.

Closing price tomorrow? $0? $1? $2? Rebound to $10? Does it really matter? The Fed can't let AIG fail because they would bring down the financial system. But, could they put it in some sort of conservatorship? Who knows. But we won't have to wait for long to find out its fate.