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AIG needs cash now - Sep. 16, 2008
Business/Office: AIG falls 42% in cash scramble
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NEW YORK (CNNMoney.com) -- Shares of American International Group tumbled Tuesday as the company scrambled to raise as much as $75 billion to keep itself afloat.
The pressure on the nation's largest insurer reached fevered pitch on Monday night as the troubled insurer was hit by a series of credit rating downgrades.
The cuts could prove deadly to AIG (AIG, Fortune 500), forcing it to post more than $13 billion in additional collateral. Shares were down 42% in early morning trading, after falling more than 70% in early morning trading and losing 61% of their value the day before.
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