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AIG

Economy

More Mortgage Fraud? FBI Investigates Bailout Firms: CNN

by Charles Feldman | September 24, 2008

In a move that should surprise no one, the FBI, says CNN, has opened an investigation into Fannie Mae, Freddie Mac, Lehman Brothers Holdings Inc., and American International Group, the four companies now at the very heart of the proposed $700 billion dollar theft–I mean taxpayer bailout–plan being pushed by Bush and gang in Washington.
This [...]

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Economy

Congrats: You Now Own AIG Insurance! Socialized Business Comes To America, Comrades

by Charles Feldman | September 17, 2008

Who would have thought that a relatively small number of people who couldn’t pay their sub-prime mortages would bring about the end of the American economy as we knew it? The latest development is an extraordinary one. As CNNMoney.com put it: “In an unprecedented move, the Federal Reserve Board is lending as much as $85 [...]

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Credit

BREAKING: Fed Rescues AIG with $85 Billion Loan (bailout) for 80% Ownership Stake

by Joshua Dorkin | September 16, 2008

The snowball that is the US and Global Financial Crisis continued to get larger Tuesday as American International Group (AIG), the nation’s largest insurer came close to collapse. Over the weekend, the Fed failed to provide a $40 Billion bridge loan that the company’s leadership had been pressing for, but late Monday night, the [...]

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Credit

Who Needs Regulators: Banks Establish $70 Billion Loan Program to Protect Liquidity

by Joshua Dorkin | September 15, 2008

Update: The Dow ended up closing down 504 points for the day
The past 24 hours have been about as chaotic a time as Wall Street has seen since Black Monday or possibly the Great Depression. Here are a few highlights:

We’ve seen one of the top investment banks fail to secure a bidder and file [...]

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