CNBC: Warren Buffett No Longer In Talks With AIG

Don't count on Warren Buffett to "rescue" AIG as its white knight.

A few minutes ago, CNBC's David Faber reported on the air that Buffett is "no longer" in talks with the insurer "about an investment or anything else."

AIG is desparetely trying to sell assets and raise new capital to avoid what would be a disasterous downgrade of its debt by the credit rating agencies.

Faber reports that people familiar with the situation tell him that talks between Buffett's Berkshire Hathaway and AIG did take place last Friday and Saturday, but there's been nothing since then and nothing is happening now on that front.

Faber says AIG is focusing its attention on getting billions in bridge financing from the Federal Reserve, to allow for massive asset sales.

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