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NEWS ABOUT: AIG

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New AIG Chief Plans to Carve Leaner Corporation

Liddy will sell some assets to pay Feds

(Newser) - The new CEO of beleaguered giant American Insurance Group plans to trim the company, selling some assets to raise capital and pay back the government following its $85 billion bailout, reports the Wall Street Journal. "There will be a company at the end of this," vowed Edward Liddy,... More »

Paulson's New Plan: Buy Bad Wall Street Debt

Treasury chief pushes creation of agency; news lifts markets

(Newser) - The US government is considering the creation of a federal institution that would buy up bad debt from struggling Wall Street concerns, CNBC reports. Treasury Secretary Henry Paulson is reportedly pushing the proposal around Washington. By relieving financial institutions of toxic debt, they could return to lending money as per... More »

Late Rally Lands Dow Up 410

Fed may have plan to quarantine bad debt; banks see gains

(Newser) - The markets rallied late in today’s rollercoaster session, keying on a $360 billion plan to shore up money markets and reports that the Fed might form a government body to absorb firms’ bad credit bets, the Wall Street Journal reports. The Dow gained 410.03 to close at 11,... More »

Congress Watches Uneasily as Fed, Treasury Move Boldly

Lawmakers complain of lack of oversight, being left out of loop as feds commit billions

(Newser) - Like sports fans second-guessing officials’ calls, lawmakers are watching uneasily from the sidelines as Treasury and Federal Reserve officials pledge billions of taxpayer dollars to fight Wall Street’s meltdown, the Washington Post reports. And, while many in both parties have been convinced the moves were appropriate, they’re worried... More »

Bailouts Blast Fed Into Uncharted Territory

Central bank's new roles stretch balance sheet to the limit

(Newser) - The Fed's mammoth bailout of financial firms is unprecedented in the history of the central bank, which now must play new and contradictory roles, the New York Times reports. The Fed has often been called the nation's lender of last resort—but the acquisition of AIG and holding of Bear... More »

Dow Plunges 449 Points

SEC moves to restrict short selling

(Newser) - Stocks plummeted again today as insecurity about the financial system gripped the markets, the Wall Street Journal reports. The AIG bailout proved to be of little comfort to traders, who quickly began betting on the next big firm to fall. The Dow closed down 449.36 points to 10,609.... More »

How Much More Will Taxpayers Have to Pony Up?

The US has pledged some $320 billion in bailouts for struggling enterprises

(Newser) - More than $320 billion in taxpayer funding has already been pledged to treat firms sickened by the subprime contagion—more than twice the $124 billion the government spent fixing the savings and loan crisis in the 1980s, reports the Los Angeles Times. The question, writes Michael Hiltzik, is how much... More »

Wall Street Meltdown Turns McCain Pro-Regulation

Republican backs off earlier enthusiasm for deregulation

(Newser) - With Wall Street in extremis, John McCain is backing away from a long history as an opponent of financial regulation, reports the Washington Post. The paper cites McCain's record in backing banking deregulation, including the 1999 legislation, sponsored by then-Sen. Phil Gramm, a McCain campaign adviser, that removed the Depression-era... More »

Bears Send Dow Down 350

Morgan Stanley down as much as 40%

(Newser) - Bears are running wild on Wall Street today, with the Dow down as much as 350 points by midday, MarketWatch reports. The Fed’s rescue of AIG seemed to do little to reassure investors, as the financial sector continued to plummet; Morgan Stanley fell as much as 40%, despite a... More »

What Is AIG? (Now That We Own It)

From aircraft leasing arm to wealth management group

(Newser) - For one thing, the insurance behemoth the Federal Reserve just acquired for $85 billion is profitable, explains the New York Times. AIG, which started out insuring assets in Asia, is wildly diversified and sprawling globally. Businesses range from retirement plans in the US to life insurance in the Philippines to... More »

Stocks Dive at Open on AIG Save, Weak Housing Starts

Financials drive decline

(Newser) - Stocks took a nosedive at the opening bell, with the Dow falling 190.28 points within minutes, as the market absorbs an AIG bailout that prevented a body blow to the economy but was none too friendly to shareholders, the Wall Street Journal reports. The insurer fell 21% at the... More »

Why AIG Got a Bailout (and Lehman Didn't)

Credit default business dooms, saves giant

(Newser) - The Federal Reserve seemed to draw a hard line against bailouts with Lehman Bros., but just days later it stepped over that line to save AIG. Why?  First, says Time: Size. Its implosion would have been "as close to an extinction-level event" as we've been since the Depression. But... More »

Morgan Stanley Likely Shopping for a Merger

No. 2 investment bank looks to avoid Lehman's mistakes

(Newser) - Morgan Stanley is rumored to be considering whether to merge with a deposit-taking bank, reports CNBC, in the wake of Lehman's collapse after repeatedly shunning buyout offers. And while the company hasn’t yet found a partner, insiders say that its sliding stock price makes survival unlikely without a well-capitalized... More »

Hank and Ben: Time to Play Offense

Treasury and Fed need to start playing offense, says Leonhardt

(Newser) - If you'd told economists 18 months ago what lay ahead in the financial industry, predictions for the American economy would be dire. The fact that things aren't totally awful—we still haven't entered into a recession—is testament to the good defense of Hank Paulson and Ben Bernanke. What they... More »

AIG Rescue Boosts Euro Stocks; Asia Rally Fades

Still 'edgy,' notes analyst

(Newser) - European stocks edged up today for the first time in three days on news of the US government's $85 billion bailout of insurance giant AIG—but an early rally in Asian markets faded, reports Bloomberg and the New York Times. Europe's Stoxx 600 climbed as much as 1.9% after... More »

Fed to Bail Out AIG With $85B Loan

(Newser) - The Federal Reserve is poised to rescue insurance giant AIG with an $85 billion loan, MSNBC reports. In return, the Fed will take an 80% stake in the company, which is one of the world's biggest insurers. The move is a reversal for the US government, but federal officials determined... More »

Fed Considers AIG Bailout; Ex-CEO Weighs Proxy Fight

Hank Greenberg, forced out in 2005, among investors mulling options

(Newser) - Reversing course, the Fed is considering a bailout package to help boost the liquidity of suddenly beleaguered AIG, even as the mega-insurer's ex-CEO considers a move to take control through a proxy fight or buyout, Bloomberg reports. In a regulatory filing, Hank Greenberg, who retired under pressure in 2005, says... More »

Fluctuating Markets Close Up

Dow returns to 11K-plus territory

(Newser) - As AIG's future became somewhat clearer, the wildly fluctuating markets settled into positive territory at the end of today's session. Rumors that the Fed will bail out the mega-insurer helped nearly erase a 74% decline, Bloomberg reports. The Dow closed up 141.51 at 11,059.02, the Nasdaq gained... More »

Speculation on New Fed Rate Cut Tempers Losses

Stocks dip early, then tick closer to even ahead of mid-afternoon announcement

(Newser) - Stocks swung upward after big opening losses today, the Wall Street Journal reports, helped by speculation that the Federal Reserve might step in to help AIG and cut interest rates. The Dow, down 155 early, was just barely negative before noon, with a similar pattern from other indices. “We're... More »

Stocks Down Again at Open

AIG, Goldman pace decline

(Newser) - Stocks declined at the opening bell today, sending the S&P 500 into its worst two-day slump since 2002, Bloomberg reports. Investors reacted to an overnight credit downgrade for liquidity-challenged AIG and a weak Goldman Sachs earnings report. Overnight lending rates took a record jump last night, as markets fell... More »

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