The government abruptly announced an $85 Billion USD Federal Reserve Loan to BAILOUT insurance giant AIG. AIG FP lost more than $10 billion in 2007, and $14.7 billion in the first six months of 2008. AIG agrees to repay the loan with asset sales and give the government a 79.9% equity stake in the company. The [...]
Posts Tagged as ‘AIG’
2008/09/16
Wall Street Worst Day in 7 Years Black Monday Lehman AIG ML
Wall Street had its worst day down 504 points, Black Monday, since after the September 11 attacks as financial instability surged after Lehman Brothers filed for bankruptcy and insurer AIG struggled for survival while Merrill Lynch ML accepted a takeover bid from Bank of America. Bank of America has aggressively expanded to become the second largest bank in the US, by [...]
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