I suppose I should be breathless because we are warned that AIG's exposure to CDO's is the same as Merrill, and thus they need to write down their exposure to .22 cents on the dollar also.
Cramer had the bearish story:
Here's a company that touted all of its super senior paper as top-notch triple-de-dipple AAA, and said it was insured and underwritten wisely. Billions of the stuff. I think that if AIG had to take the face value and mark it down by five-sixths, it would lead to some really big restatements.
Of course, AIG is still opaque. I am getting my assurances from the December meeting where we found out that everything was tip-top. Who the heck knows what they really have, how much of it they have, how much of it has bogus insurance and how much can be sold?
Is this information new? Of course not.
So it's in the stock and at 24, you have a trade.