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NEWS ABOUT: AIG

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Markets Up in Rollercoaster Day

Dow posts modest gain on mixed news

(Newser) - Stocks rose, fell, and rose again as mixed economic news pulled the market in opposite directions today, the Wall Street Journal reports. The Dow ended up 45.68, at 12,594.03. The Nasdaq climbed 5.46 to 2,486.70, and the S&P 500 rose 5.49 to... More »

Bad News Pummels Stocks

AIG, Citi, oil spook investors; even commodities look less safe in downturn

(Newser) - Stocks performed poorly today, battered by another new oil high and bad news from AIG and Citigroup, Bloomberg reports. The Dow lost 120.90 to end at 12,745.88, with a weekly loss of 2.4%. The S&P 500 shed 9.50 to 1,388.28, while the... More »

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as credit woes continue

(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage... More »

Bear Bailout Invites the Bears

Financial sell-off follows Fed's move, sends markets plummeting

(Newser) - News of the Bear Stearns bailout triggered a sell-off today as investors were reminded that the true depth and breadth of current credit problems remains uncertain, the Wall Street Journal reports. Bear Stearns stock closed at 30, down a breathtaking 47.4% on the day. The Dow fell 194.65... More »

Wall Street Faults Rules on Writedowns

Critics say accounting rules exaggerate losses, hinder market

(Newser) - After months of staggering writedowns battering Wall Street, some investors and executives are charging that accounting rules are exaggerating losses and triggering slumps like yesterday’s 315-point plunge in the Dow, reports the Wall Street Journal. Rules requiring companies to value holdings at current market rates, no matter how volatile,... More »

Berkshire Hathaway's Q4 Income Off 18%

Insurance-industry woes mean 'that party is over,' Buffett says

(Newser) - Citing a decline in gains from insurance underwriting and sluggish investment returns, holding company Berkshire Hathaway said today that fourth-quarter income was off 18%—to $2.95 billion, from $3.58 billion—from a year earlier, the Wall Street Journal reports. Billionaire chairman Warren Buffett snuck in digs at Wall... More »

Tanking Dow Drops 315 Points

Huge AIG, Dell losses spark sell-off

(Newser) - The Dow lost an incredible 315.79 points today to close at 12,266.39 as AIG reported the biggest losses in its history and bellwether Dell reported a year-over-year fourth-quarter profit decline of 6%. The Nasdaq slipped 60.09 to 2,271.48, and the S&P 500 lost... More »

AIG Posts $5.2B Loss on Writedown

Giant insurer takes $11B charge on mortgage woes

(Newser) - Today's after-hours bad news from the credit-crunch front comes from insurer AIG, which reported a fourth-quarter loss of $5.29 billion after taking an $11 billion writedown on mortgage-related insurance contracts, the Wall Street Journal reports. The loss amounts to $2.08 per share; American International Group turned a profit... More »

Jury Convicts Ex-Insurance Execs in Fraud

Five General Re and AIG officials face jail over scheme to deceive investors

(Newser) - A federal jury yesterday convicted five former insurance executives of fraud, conspiracy, and making false statements to the Securities and Exchange Commission as part of a scheme to deceive investors, Bloomberg reports. The convictions stem from a sham transaction in 2000 between General Reinsurance Corp. and American International Group that... More »

Stocks Climb Out of a Hole

Dow edges back up after AIG-sparked plummet

(Newser) - Stocks climbed to post modest gains today after a plunge early in the session. Financials fell early after AIG said its credit-derivatives portfolio lost $4.88 billion, significantly more than the company had estimated in December, reports the Wall Street Journal. The Dow closed up 57.88 at 12,240.... More »

Dow Plummets 306.95 Points

Manufacturing, home starts news send markets way down

(Newser) - The Dow plunged 306.95 points to 12.159.21 today, its third straight sell-off and worst loss of the new year, as rough numbers put investors in a bearish mood. The key index has now fallen more than 1,000 points since 2008 began. Merrill Lynch posted a huge... More »

Fraud Trial May Put Buffett on Stand

Defense says billionaire knew about phony insurance deal

(Newser) - A criminal trial involving four ex-employees of billionaire Warren Buffett is likely to offer a rare—and unwelcome—glimpse into the inner workings of the “Oracle of Omaha,” the Wall Street Journal reports. Buffett isn’t charged in the case—to begin Monday—involving Berkshire Hathaway reinsurance unit... More »

Laughing Tots Make TV Debut

YouTube's giggling babies now starring in latest crossover ad campaign

(Newser) - Babies with belly-laughs are the darlings of YouTube—one video has been seen by more than 35 million viewers—and now AIG is deploying them to sell financial instruments. Slate finds the AIG giggling-baby campaign instructive of what works and what doesn't in adapting YouTube videos to TV. For one... More »

Oil Prices Send Stocks Spilling

Crude rose to $90.50 a barrel

(Newser) - Stocks headed downward again today, spurred by oil prices making a return to record territory. The price of crude hit $90.50 a barrel as traders reacted to yesterday's data predicting limited availability. "Oil is up—that doesn't help. And financials are getting hit," says one trader. The... More »

Market Rallies After Fed Rollercoaster

Stocks gain on body's 'moderate' growth expectations

(Newser) - Stocks were up across the board today after the Fed expressed confidence that “moderate” expansion would continue, countering fears that the subprime fiasco will bleed further into the broader market. The Dow was down more than 100 points immediately after the decision as traders scrambled to decode it, but... More »

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