American Insurance Group has posted a record: the largest quarterly loss by any US company in history. $61.7 billion down the drain in Q4 '08.
Today the government pumped in another $30 billion to stave off collapse, bringing the total of the $85 billion bailout to $180 billion so far. Analysts say that a $250 billion total isn't unrealistic (which means 300 or 350 is a realistic total!) - and this for just one company!
This illustrates the profound danger of derivatives to our entire financial system - the total derivatives exposure is enough to wipe out the entire GDP of the industrialized world for the next several years.
Today also marked the first day I've seen the word "Armageddon" in the mainstream press!