Even if you thought the world doesn't spin without AIG, and the gov't won't let AIG fail, it doesn't matter. Shareholder equity can be wiped out. This isn't Chrysler in 1982. All these companies being bailed out by the government are seeing shareholder equity get wiped out. This is as certain as you can get in the stock market these days that AIG's shares will be worthless within 1 month. The world doesn't spin without FRE and FNM, how are your FRE and FNM shares doing these days?