As you know, AIG's fourth quarter results came in-- not so good!. In any case, Bobby B. is happy and wants the world to know it. AIG reported a loss of $8.9 billion in the fourth quarter, which is an improvement from the $61.7 billion loss in the year-ago period. And this, my friends, is making Bobby "proud" and he wants to thank you. Yes you, all of you. He "appreciates the support of the people in this country." Bobby is also very thankful to have such wonderful employees. Employees, who not only work at the most despised company, but who do so "with commitment and enthusiasm." He's "very impressed with their attitude and the willingness to roll up their sleeves and make things happen."
Also, he's got a plan.
In AIF Financial Products Corp, our employees continued to unwind and de-risk the portfolio, cutting the number of positions in it by 54% in 2009 to just over 16,000 and decreasing the notional amount of derivatives outstanding from $2.7 trillion in 2008, to under $1 trillion at the end of 2009. Our strategy remains to exit the vast majority of the risk at AIGFP by the end of 2010. Any remaining positions, which will be largely de-risked and not require active management, will either be managed by AIG or third parties. Cleaning up and downsizing AIGFP is of paramount importance. As a result of our efforts, all key risk measures are down significantly from last year, and I expect continued progress in 2010.