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Earnings Calls: 
AIG Earnings Call, Second Quarter 2008
Author: Albena Toncheva
123jump.com
Last Update: 13:48 AM ET August 18 2008
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American International Group added that excluding one-time items, the loss per share came to 51 cents. The company’s general insurance segment reported a 54.3% drop in operating income to $1.39 billion, while the life insurance and retirement services division posted a 10% decline in operating income to $2.61 billion. AIG raised $20 billion in capital through the sale of $6.91 billion in fixed-income securities, $7.47 billion of common stock and $5.88 billion in equity units.

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Larry Greenberg (Langen McAlenney): Can you give us an update on the material weakness as it relates to CDS valuation?

We are continuing to make the necessary investments in people and process and automation around that whole area. We are hopefully on track to meet our objectives for remediation by the end of the year, that''s our objective.

Larry Greenberg (Langen McAlenney): Can you move away from valuing the portfolio as if you own the underlying CDO and go back to some sort of CDS valuation, negative basis adjustment is that part of the thinking?

No, it''s the market observeability will dictate any changes in methodology as of right now, we don''t see any thing that will lead us to believe that the absorbability of negative spreads is any where near on the horizon.
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