Bleak Economic News Continues

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Includes: AIG, C, DWDP, GE
by: Mark Riddix

AIG (NYSE:AIG) announced the biggest quarterly loss in the history of the US. AIG lost nearly 62 billion last quarter.

Citigroup (NYSE:C) looks like it is going to break below $1 per share. It’s time for Citigroup to be nationalized. it’s not Pandit’s fault but I don’t see how he can keep his job with the stock in free fall. Can Citi lure any other highly successful competent executive to take this job right now?

General Electric (NYSE:GE) shares dropped below $8 for the first time since 1993.

Dow Chemical (DOW) dropped to $7 and Dow is trying to sell off its agribusiness to stay afloat. Dow may be the first company to go belly up after completing a merger. The Rohm & Haas purchase is forcing Dow to sell its most valuable assets just to complete the deal.