AIG Reports Profits

AIG results were just released. They have second quarter net income of $1.8 billion. Apparently lead can be turned into gold.

Without delving into the accounting rules or financial machinations which could make something like this possible, there is something inherently wrong about a company reporting profits that has over $40 billion in outstanding obligations to the government, only a few months ago was teetering on the brink of insolvency, and by all rights deserving of bankruptcy for its excessive risk taking and reckless actions.