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The Sky Seems to be Falling.....
Every day seems to be more exciting than the next. Earlier today, the U.S Embassy in Yemen was attacked. Al Jazeera right now is reporting that 16 people have died. At least, visa applicants had not lined up yet. Otherwise the the death toll would have been higher. On the business side, AIG was thrown a lifeline by the Federal Reserve. AIG was given a $ 85 BIllion Loan in exchange for a 79.9% stake in the business. This lifeline will allow AIG to continue to operate. There is also a claim by the Nigerian Delta Rebels of a oil pipeline being blown up in Nigeria.
The embassy attack is bothersome on several fronts. It shows that the fatalists within the Islamist movement seem to be as vibrant as ever. Yemen, of course, is not the safest country in the world. It has been a hotbead of insurrection for a very long time. The Yemeni Government has a lot of work to do. U.S. Embassies are fortified institutions. It will be quite tough to penetrate the compound itself. But, the brazen attack takes quite bit of planning which is worrisome.
As for AIG, I was not too surprised. AIG was simply too big, too vital and too central a player in the financial markets. The collapse would have been catasrophic. But, there s a silver lining in all of this. The eventual dismantling of AIG will present new opportunities. New businesses will emerge. The restructing, though, will be a painful process that will test the patience and endurance of all.
As I have written before, may one live in interesting times. The only thing needed right now is patience. May it be so!!!!
Mike Pouraryan
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