AIG's current market cap is less than $1B for the whole company. In September 2008 it was $35B. At the start of the balance sheet series you posted it was $200B. Now they've posted a $61B loss for the current quarter which is more than the whole market cap of Macdonalds.
After I read your post I did some asking around. The rumors aren't good. There's a suggestion that AIG may have lots more CDS exposure. Apparently it wrote 350million policies with a face value of 19 Trillion. They won't all be bad, but that's too much even for the government if it comes to it.
If the above is true, then maybe you're right. Or maybe it's just a big rumor and the government is going to steer AIG back to prosperity. We don't know. All we know is that nobody except Government seems interested in AIG equity at the moment.
"... They ne'er cared for us
yet: suffer us to famish, and their store-houses
crammed with grain; make edicts for usury, to
support usurers; repeal daily any wholesome act
established against the rich, and provide more
piercing statutes daily, to chain up and restrain
the poor. If the wars eat us not up, they will; and
there's all the love they bear us."
-- Shakespeare: Coriolanus, Act 1, scene 1
