AIG Reporting Profits For The Second Straight Quarter (AIG)
November 06, 2009 9:05 AM
AIG (NYSE: AIG) announce that their income has risen to $455 Million or $0.68 per share which improved from the previous year's losses of $24 million. Part of the results include a one-time charge of $1.5 million used for the restructuring and hedging of the company's assets.
Executives from AIG cited that the profits for the two quarters were due to the stabilization efforts in the mortgage industry and the credit markets. They also warn that the next few quarters may still be warped by volatility.
In fact, AIG still owes the taxpayers $89.3 billion after receiving $131.6 billion of a possible $182 billion bail out fund. Furthermore, AIG still holds large amounts of troubled assets that they are trying to sell in an effort to pay off the government.
