In yet another scary missive about the state of AIG, the New York Times writes today that AIG had already drawn down $61b of their newly minted $85b line of credit. In concert, S&P has issued yet another warning on AIG.

All this calls into question whether the Fed's emergency intervention with AIG will be the end of the bail-out, or rather somewhere around half-time.

Of interest for Agencies, of course, is how AIG has put this capital to use- namely "shoring up their structured finance unit." As AIG and regulators have said all along, it would appear that their more standard P&C business is quite healthy and well capitalized.

Which leads to AIG's plans for the future. Those plans largely include selling every business in their portfolio- outside of their U.S. P&C business and their international general insurance business.