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Even after mooching close to $180 BILLION in taxpayer hand-outs, AIG still isn't capable of meeting its funding obligations in a large, shopping mall development. One of these partners is already suing AIG.

Now, after that financial zombie halted and/or reduced the payments it was obligated to make to its other joint venture partners, we can expect to see even more of them suing AIG. According to a Reuters article, there were “some 15 banks at risk of exposure to soured loans.”

Presumably, when the U.S. Congress reluctantly agreed to four separate bail-outs for AIG, totaling close to $180 billion, they were NOT expecting AIG to be defaulting on major contracts early in 2009.

Because the U.S.'s political knuckle-draggers have sunk so much money into AIG already, we can expect them to authorize many more installment hand-outs to AIG – as the alternative is to let that fraud-factory fail now (wasting the $180 billion already poured down this financial black-hole).

Naturally, the other members of the U.S. financial crime syndicate will also need an endless series of hand-outs – since all of these companies are more insolvent today than when this self-created, financial “crisis” began. As I stated last week, during yet another insanity-rally in U.S. markets, nothing has changed.

With respect to the shopping mall under construction, there is certainly no urgency to complete construction – given that there won't be anyone with cash to shop at the new mall, if/when it ever opens. The only reason to even attempt to complete the project is to hopefully avoid dragging down an additional fifteen banks with this doomed project.

This makes it even more humorous waiting for the results of the “stress tests” of U.S. banks. Obviously, hopelessly bankrupt entities like AIG, Citigroup, and Bank of America would fail any rational assessment of their balance sheets.

However, the decision by the U.S.'s official, accounting “watch-dog” (now there is an oxymoron!) to allow “mark to fantasy” accounting by U.S. financial companies signals that the “stress tests” will have utterly no connection to reality. This is just another “rubber stamp” to try to dupe the general public (and equity markets) that these bankrupt shells are actually viable companies.

With the “AAA” ratings of the corrupt, discredited “credit rating” agencies now worthless, U.S. officials are desperate to try to put some other 'stamp of approval' on the U.S. financial crime syndicate.

Ultimately, the U.S. government will be forced to “pull the plug” on these companies at some point in the future. What remains in doubt is how many trillions the U.S.'s corrupt politicians are willing to approve (and waste) before accepting the inevitable.

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