Bombshell: AIG Preparing For Possible Bankruptcy Ahead of $60 Billion Loss

Developing bombshell: David Faber reporting that AIG has retained Weil Gotshal ahead of a possible bankruptcy filing this weekend. The reason is that the company will allegedly post a $60 billion loss, which will result in the usual cycle of credit downgrades, collateral postings, more capital needed to survive, and yet another mega systemic if not shock then question mark. Poor Geithner is likely about to follow Stamatis' example and just call it a day.