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Tag Archives | financial crisis

AIG gets $37.8 billion more in federal money

  Some of us are still getting over the $85 billion bailout insurance conglomerate AIG got from the federal government a few weeks ago. Now comes word AIG is getting billions more in federal money. You’d think the company would have sold off some of its vast assets before coming back to the bailout well again, but no. Yesterday it was announced, the New York Federal Reserve is lending American International Group $37.8 billion. As the economy struggles and the financial markets stumble, one has to wonder if the billions being handed over to AIG are a wise investment.... Read More →

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AIG executives living large after company gets a bailout

  Details coming out of a Washington hearing about the shameless conduct of executives at yet another corporation at the center of the financial meltdown. On Tuesday, the second day of the House Oversight Committee’s investigation into what went wrong, ex-CEOs Martin Sullivan and Robert Willumstad from American International Group went before congressional leaders to make their excuses, cop pleas, and blame anything and anyone except themselves. I should not have been shocked when I read that days after insurance giant AIG got a bailout of $85 billion from the government, some... Read More →

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The bad economy: the victims and the victors

  The $700-plus billion bailout was supposed to ease investors’ fears. Many Americans are still jittery about the ailing economy; and apparently a lot of players in the financial markets around the world are feeling the same way. Yesterday, the Dow Jones plunged 800 points — the most ever in one day— before recovering somewhat,  closing down 370 points, but below 10,000 for the first time in four years. No telling what is going to happen today or the rest of the week. Meanwhile, authorities are investigating an apparent murder/suicide case that involves... Read More →

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The Wall Street meltdown fuels hot book deals

 The stock market rallied several hundred points today, after yesterday’s historic plunge on Wall Street.  Monday, stocks dropped 778 points or 7 percent. The biggest point loss ever. Also, the biggest percentage loss since September 17, 2001, the first day of trading after the deadly September 11 terrorist attacks. The meltdown started when it became clear the highly touted  $700 billion financial bailout for troubled institutions would tank in the House of Representatives. Despite dire warning from the president and congressional leaders, many of the House’s rank and file could not stomach a... Read More →

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“We’re in the midst of a serious financial crisis”

  In Washington today lawmakers are scrambling to come up with a solution to the nation’s financial mess. Last night, President Bush gave a nationwide speech and confirmed what the experts and his advisors have been saying all week –the economy is in deep, deep trouble.  Right at the beginning, the president admitted “… we’re in the midst of a serious financial crisis.” He explained the problem with our major financial markets and then pointed to his administration’s $700 billion bailout as the solution. He issued a warning that “…not passing a... Read More →

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