AIG has 8 weeks of cash left

At the rate troubled insurance giant AIG is bleeding cash, there are only about 8 weeks left before the well runs dry, according to Mark Tucker, CEO of Prudential PLC.

The difficult situation is exacerbated by the general turmoil in the financial markets as willing bidders for AIG assets are waiting on the sideline.

And what about the original $85 billion bailout fund?

“AIG is using the funds primarily for collateral obligations for the credit default swap portfolio and general corporate funding.” The additional $37.8 billion facility is being used by the securities lending program that AIG operates as part of fulfilling the normal cash needs of the life insurance companies.

As the credit markets are trying to free up liquidity, the fear of a general worldwide recession is growing and adding to the downward pressure on the world’s stock markets. This is hurting AIG by reducing values of collateral that AIG is shoring up with Fed cash. At the same time, the value of investment-grade bonds is dropping, reducing the ability of AIG to raise cash, even from the Fed. This is putting severe pressure on AIG’s ability to operate freely. …

AIG’s Joe Norton would not disclose the date that AIG will release the 3rd Quarter earnings report. If AIG announces that the results will be published on Nov. 4 or 5, perhaps taking a leaf from the political handbook, it could be seen as a sign of extremely bad news that could be covered overlooked by the excitement of the presidential election.

Global de-leveraging continues unabated.

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