BoA Securities Quits AIG

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Rather than invoking the "WTF" call, Bank of America Securities has announced that it is dropping coverage of AIG. Sayeth BoAS:

The situation at this stage is binary and dependent on more political will than analyzable facts. While we see the value of the insurance operations being well excess of the parents liabilities, solving the liquidity issues have now entered the political realm. If the company gets into liquidation or bankruptcy the value could be significantly less than estimated. We acknowledge that the government and Fed could come up with a financing and if the situation gets clarified and lends itself again to fundamental analysis we would reconsider picking up coverage at that stage.

Related: Merrill Downgrades Lehman From "Neutral" To "WTF"

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