I never thought I would see the day when AIG was in such dire financial trouble it would beg Uncle Sam for a federal bailout. Then again, I never thought I would see the day when its iconic leader, Hank Greenberg, would be pushed out the door in the wake of a balance sheet scandal.

Thus far, AIG has survived the realization of both "Doomsday" scenarios, thanks most recently to a massive Federal Reserve loan.

What happens now? Assets will be sold to repay the loan. Will enough cash be generated to get the job done in what in effect will be a fire sale? Will AIG be able to reassure risk managers whose commercial insurance policies with the carrier are up for renewal on Jan. 1? Stay tuned!

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