One of the potential casualties of the current financial market crisis may be AIG (American International Group). AIG are indicating a need to liquidize assets to raise cash ($40Bn) and one candidate is its aircraft leasing business, International Lease Finance Corporation (ILFC). This was discussed at a emergency meeting of Wall Street executives this weekend.
In summary, AIG has problems because of a share price tumble as the Wall street aligators close in on the next victim (Lehman is already toast and Merril, WaMu are next). The reason for the problems is the same. Poor management and bad investments in the usual cr*p.
Now, AIG has the balls to ask for a Federal (Taxpayer) bailout which will not work. Likeley outcome, AIG will be forced to sell its crown jewels, because when you are forced to raise capital you have to sell what you can, not what you want.
ILFC will have a new owner very shortly, probably Private Equity. The show goes on.