A “Blonde Moment” in the AIG Bailout Affair

Market Snapshot September 17, 2008, 8:27AM EST
Stocks Set to Fall after AIG Bailout
Major index futures pointed to a lower open Wednesday after news of the government’s $85 billion loan to the beleaguered insurer…The drama continues on Wall Street…In just under two weeks, financial markets have absorbed some astonishing developments: the bailout of giant mortgage firms Fannie Mae (FNM) and Freddie Mac (FRE), the bankruptcy of Lehman Brothers (LEH), and the takeover of Merrill Lynch (MER) by Bank of America (BAC). But that was all prologue to perhaps the most extraordinary development at all: The news late Tuesday of the U.S. government takeover of crippled insurer American International Group (AIG), which because of its role in the credit default swaps market is a vital cog in the world financial system. Business Week.com

1 Comment

  1. I still get the feeling we are being duped, being robbed, and being played as pawns.
    $700 BILLION!

    I think Obama would be better at sorting out this mess.
    McCain’s chief financial adviser is Phil Gramm, the architect of the bill that deregulated the financial industry.

    Look up the Gramm-Leach-Bliley Act.
    http://en.wikipedia.org/wiki/Gramm-Leach-Bliley_Act


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