AIG announces a new member of the Board of Directors, Dennis D. Dammerman.
"Mr. Dammerman is currently Chairman of the Board of Directors of Discover Financial Services, Lead Director of Capmark Financial Group Inc. and a Director of BlackRock, Inc. He retired in 2005 as GE Vice Chairman of the Board and Executive Officer, and a member of the Corporate Executive Office."
GE announces that they are participating the in the FED bailout..."General Electric Co. said Wednesday its massive finance business, hard hit by turmoil in the credit markets, is now eligible for federal backing of up to $139 billion of its debt."
Something going on.
My opinion...and my opinion only.....GE is talking about a takover of AIG.
Again, my opinion only. I have NO inside information, just trying to connect the dots.
I'll bet that it's nothing. GE spun off Genworth a few years ago because it didn't like the low growth rate in insurance.
It's just we have two big players in the field of finance needing help. If the government is upset that it had to deal with AIG because it was too big to fail, why would they want to create something bigger?
I bet that GE would love the slow growth rate of Genworth now. It's far better than the direction that everything else is going in now.
Warren Buffet is into GE for 5 billion he love insurance. Loves the Float of insurance. AIG IS insurance. I am not saying it's going to happen but it's not a stretch either. This coupled with the private investor rumors. How many private investor have the kind Of money it would take to buy AIG?
It's possible that Liddy is exploring this possibility, but then he's probably exploring a 1/2 dozen possibilities. He knows he's in the hot seat and if he can get AIG back on its' feet, he can name his price in the future.