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AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

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AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby StlSluggers » Wed Sep 17, 2008 12:27 pm

Cramer might be on to something with that comment...

MSNBC.com wrote:The Federal Reserve is giving a two-year, $85 billion loan to AIG in exchange for a nearly 80 percent stake in the insurer, after it lost billions in the risky business of insuring against bond defaults.

Of course, Cramer said that AIG needed to be bailed out because it was just too big.

Anywho... What are you going to do with your share of AIG? I'm thinking about going on a cruise. ;-7
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby RugbyD » Wed Sep 17, 2008 12:39 pm

The good news is that their other insurance businesses are separate OpCos and are just fine, but the credit insurance biz just blew up the parent company.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby StlSluggers » Wed Sep 17, 2008 12:42 pm

I almost had a life policy issued by AIG a few months ago, but a paperwork snafu screwed it all up.

Not sure if I'm glad about that or not yet... the rate was pretty good.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby RugbyD » Wed Sep 17, 2008 12:51 pm

StlSluggers wrote:I almost had a life policy issued by AIG a few months ago, but a paperwork snafu screwed it all up.

Not sure if I'm glad about that or not yet... the rate was pretty good.

it would have been fine even without the bailout. Their propoerty and casualty biz did not guarantee the credit insurance biz as far as I know.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby StlSluggers » Wed Sep 17, 2008 1:07 pm

I was going to start the process back up with them. They were far-and-away the cheapest out there...

I'll be curious to see if their rates change to help pay off this bailout loan.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby RugbyD » Wed Sep 17, 2008 1:58 pm

StlSluggers wrote:I was going to start the process back up with them. They were far-and-away the cheapest out there...

I'll be curious to see if their rates change to help pay off this bailout loan.

I don't think it should. The Fed is supposed to sell of AIG's separate business units, so things might be clamped down a bit while that process is underway, and afterwards whoever bought the respective unit would set prices.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby StlSluggers » Wed Sep 17, 2008 2:09 pm

RugbyD wrote:
StlSluggers wrote:I was going to start the process back up with them. They were far-and-away the cheapest out there...

I'll be curious to see if their rates change to help pay off this bailout loan.

I don't think it should. The Fed is supposed to sell of AIG's separate business units, so things might be clamped down a bit while that process is underway, and afterwards whoever bought the respective unit would set prices.

Yeah, I think I'll just hit up a broker again to get a new sweep of the rates.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby Yoda » Wed Sep 17, 2008 5:53 pm

I bought some shares yesterday (not much). I know it is a huge gamble but their company assets are worth a lot.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby RugbyD » Thu Sep 18, 2008 1:53 am

Yoda wrote:I bought some shares yesterday (not much). I know it is a huge gamble but their company assets are worth a lot.

you're betting on their CDS biz to be OK. bad bet, but as long as you didn't risk more than 1% of you investible assets, I'd say its OK.
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Re: AIG Bailed Out; Jim Cramers Says: "We're Communists Now!"

Postby Yoda » Fri Sep 19, 2008 9:54 am

Almost doubled my money in two days. Woohoo.
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