AIG is downgraded by Fitch to start with and moody's and S&P followed the suit downgrading by three notches. A ratings cut would trigger more than $13 billion in collateral calls from debt investors who bought the swaps. AIG has already posted $16.5 billion in collateral through July 31. A downgrade could also set off early termination of swaps that may cause $4.6 billion in payments. Squeeze on the cash position on already liquidity deprived AIG.
And ironic, but CNBC is playing Sia's "Breathe Me" as it's cutaway music. I personally like the song for its lyrics and the video.
Help, I have done it again
I have been here many times before
Hurt myself again today
And, the worst part is there's no-one else to blame
Be my friend
Hold me, wrap me up
Unfold me
I am small
I'm needy
Warm me up
And breathe me
Ouch I have lost myself again
Lost myself and I am nowhere to be found,
Yeah I think that I might break
I've lost myself again and I feel unsafe
Be my friend
Hold me, wrap me up
Unfold me
I am small
I'm needy
Warm me up
And breathe me
Be my friend
Hold me, wrap me up
Unfold me
I am small
I'm needy
Warm me up
And breathe me
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