End of trading on Sept. 15th, 2008. A bloodbath in the financial sector.
AIG’s credit rating was just cut 3 notches by all the major ratings agencies after a 60%+ stock decline today. AIG is bigger and more intwined than Lehman Brothers or Bear Stearns. The downgrade will raise their cost of borrowing dramatically, and their CEO has said if they cannot arrange financing tomorrow, they will be forced to file bankruptcy on Wednesday.
I’m putting my money under a mattress. A foreign mattress. Tomorrow could be ugly on Wall Street.
