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Context of 'August 7, 2008: AIG Stock Suffers Steepest Decline Ever'

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Insurance giant AIG makes a loss of $7.81 billion for the first quarter of 2008. In the previous quarter, it had lost over $5 billion, which at that time was its worst ever result (see October-December 2007). The loss will be announced in May (see May 8, 2008). [Bloomberg, 9/16/2008]

Entity Tags: AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

AIG makes a quarterly loss of $5.36 billion. This is its third such loss in a row, but is lower than the previous quarter’s loss (see January-March 2008). The loss will be announced on August 6. [Bloomberg, 9/16/2008]

Entity Tags: AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

Troubled insurance giant AIG makes a record quarterly loss of $24.47 billion. The loss is caused by writedowns on assets linked to subprime mortgages and capital losses. This is the worst loss it has ever made, coming hard on the heels of losses in the previous three quarters (see October-December 2007, January-March 2008, and April-June 2008). Over the four quarters, the combined loss totals $42.5 billion. The company will be in such bad shape that the government has to take it over by the end of the quarter (see September 16, 2008). The loss will be announced on November 10 (see November 10, 2008). [Reuters, 4/17/2009]

Entity Tags: AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

The stock price of troubled insurer AIG falls 18 percent, closing at $23.84, following the announcement of a third straight quarterly loss the previous day (see April-June 2008). This is the largest fall since the company’s 1969 initial public offering, although this record will be broken next month (see September 9, 2008). In addition, Chief Executive Officer Robert Willumstad refuses to rule out raising more capital to supplement the $112.2 billion AIG held as of June 30. [Bloomberg, 9/16/2008]

Entity Tags: Robert Willumstad, AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

Shares in the insurance giant AIG fall 19 percent to $18.37. This is the company’s worst day of trading ever, beating the previous record set only a few weeks ago (see August 7, 2008). [Bloomberg, 9/16/2008; Bloomberg, 3/5/2009] The fall is caused by the news that the Korea Development Bank has backed away from a deal to purchase the ailing bank Lehman Brothers (see September 9, 2008), as this causes investors to become nervous about AIG’s ability to raise capital. [Bloomberg, 9/16/2008]

Entity Tags: AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

The recently bailed-out insurance company AIG makes the largest quarterly loss ever in the history of business. The $61.7 billion loss follows four other extremely high losses and is more than double what the insurer lost in the previous quarter (see October-December 2007, January-March 2008, April-June 2008, and July-September 2008). The result will be announced in March 2009 (see March 2, 2009). [Bloomberg, 3/5/2009; Reuters, 4/17/2009]

Entity Tags: AIG (American International Group, Inc.)

Timeline Tags: Global Economic Crises

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