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AIG crashes nearly 15% to settle at $28.40 as a result of a report released by analyst Todd Bault of Bernstein Research. Todd Bault told investors that he downgraded AIG’s target price from $20 to $12 because of significantly deficient loss reserves. Bault foresees AIG’s loss reserves are short $11 billion, which translates close to $10 per share. Bault was also quoted saying that this was a “big surprise” with “significant implications.”

AIG has received $82 billion in taxpayer bailout funds. Therefore, one can classify this company as government owned. This wouldn’t be a stock I would recommend investing in for the long run. However, if you’re a day trader this would be a stock for you!

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