AIG might post up to $60 Billion in Losses. Mind Boggling...lack of supervision. Is it even possible to lose this much money? I understand that the Government had to take over this entity, because after all we probably be living in caves if AIG went bankrupt, but the total utter lack of risk supervision is just astonishing!
J.P. Morgan cut their dividend. Just like I said they would in my very first post of the month. That should save about $5 Billion. That's a start. Like I said...J.P. Morgan is the most scary institution on the planet. To scary to fail.
The markets are vastly oversold, and some sort of snap back relief rally is in store. Can we please have some real buyers? Some New Buyers? Not just short covering....Just a thought.
Obama, Geithner, and Bernanke are all over the news and will be front and center the next few days on the Idiot Box.
Stress Tests start tomorrow....We should have some clarity (Finally) on the Obama/Geithner Plan tomorrow.
On a somber note...My grandfather passed away last night at the age of 86. He was a good man who worked on the last day of his life. My parents are on their way to the Mother Country (India) later tonight.
Happy Trading and Keep The Faith!
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