Tuesday, September 16, 2008

AIG Auto Loan Denied

New York, NY – The sharply declining economy isn’t just effecting the big financial lending institutions anymore. Now the little guy is getting hit where it hurts, the credit.

Our nation’s largest insurer, American International Group, is feeling the impact of several credit rating downgrades.

“We just don’t see how a loan to AIG would be repaid,” said a representative from Moody’s Investors Service. “Maybe they should see a credit counselor or something.”
The news of a failing credit rating has come at a terrible time for the insurer.

“We just applied for an auto loan,” said a puffy-eyed, despondent AIG. “The transmission just went out on the old car, we need to get a new one. We don’t know what we’ll do without a vehicle. How are we supposed to get to work? How are we supposed to feed our kids?”

Services which rate credit for companies like AIG state that they are sorry, they really are, but they just can’t do anything about it.

AIG is considering accepting an auto loan from a cut-rate high interest lender “just to make ends meet”. The insurer does understand that doing so will simply defer the financial woes, but argues, what choice do they have?

Bigfoot is a grossly misunderstood legendary creature. He is an exceptionally qualified financial analyst and writes all of our financial articles; occasionally contributing with his own editorial column, “Your Big(foot) Money”.
Bigfoot has Masters degrees in economics, statistics, financial analysis, and modern dance from Harvard. He is also the author of the New York Times bestseller, “Naaargh! To Capital Gains Tax”.