October-December 2007: AIG Makes Largest Ever Quarterly Loss

The insurance giant AIG makes the biggest quarterly loss in its 89-year history, $5.29 billion. This is primarily due to an $11.1 billion writedown of derivatives known as credit default swaps. The loss will be announced on February 28, 2008 (see February 28, 2008). [Bloomberg, 9/16/2008]