AIG
Timmy’s Big Week
U.S. Treasury secretary Timothy Geithner had a very big week. In February, the panicked American public and their clueless representatives in Congress saw a timid and overwhelmed Geithner fumbling and bumbling his way through a vaguely defined plan to rescue the banking system from all of the toxic securities purchased – with borrowed funds – [...]
Feds Toss More Money Down AIG Hole
American International Group (AIG) made history this week by declaring a $61.7 billion loss for the fourth quarter of 2008. That equates to $22.95 per share, compare that to a stock price of less than a buck, (it was quoted at $0.34 today) and one can see the absurdity of our nation’s current financial situation. [...]
Citigroup is back from the Dead – for now
It was another Sunday night rescue for the folks at the U.S. Treasury, the Federal Reserve and the newest addition to the cast of the Wall Street crisis and financial bailout drama, the Federal Deposit Insurance Corp. (FDIC). This time the dynamic trio swooped in to arrange a bailout of Citigroup, the struggling U.S. banking [...]
AIG Gets More of Your Money
What the hell is going on with American International Group(AIG)? First the U.S. government tossed the embattled insurance giant an $85 billion credit line in September – when it decided to let Lehman Brothers file for bankruptcy – and that was increased by $38 billion last month. The spiraling cost of the AIG bailout seems [...]
Blue Market Monday
The market giveth on Friday and taketh away on Monday.
It seems that panic was in vogue today as more bad news
surfaced concerning the lousy state of the nation’s financial
institutions.
The Dow Jones forfeited just over 240 points, and the
broader Standard & Poor’s 500 index sank a hair more than
25 points. The Nasdaq felt the pain as [...]
AIG Needs $12.5 Billion – Time to Pay Attention, Wall Street!
The stock market rumbled ahead on greased rails of delusion cheered by the glimmer of light perhaps flickering at the end of the credit crisis tunnel. But, the news Thursday afternoon signaled that the frail twinkling they thought meant hope may be an oncoming freight train instead.
After the closing bell Thursday, American International Group, the [...]
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