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Monday, March 2, 2009


Gov't extends new aid package to AIG
2 minutes ago
The government on Monday unveiled a revamped rescue package to insurance giant American International Group and will provide the troubled company another $30 billion on an "as needed" basis. In an interview on NBC's "Today" show Monday morning, AIG's chairman and chief executive Edward Liddy, said: "We're going to be able to pay back the Federal Reserve. The new $30 billion is a standby line. It's not necessarily something that we think we'll have to draw on right away."...
US to give AIG another $30 billion 'as needed'

6 minutes ago
The government will give AIG another $30 billion "as needed" as the company announces a $61.7 billion loss. AIG, once the world's largest insurer, said Monday it lost $61.7 billion in the fourth fourth, the biggest quarterly loss in U.S. corporate history, amid continued financial market turmoil. The results come as the U.S. government also Monday announced a restructuring of a bailout plan for the troubled insurer, extending $30 billion in additional aid to the company....
Wall Street heads for another big drop

8 minutes ago
Wall Street headed for another big drop Monday, one that could hurl the Dow Jones industrials below 7,000, after American International Group Inc. posted the largest quarterly loss in U.S. corporate history. Investors are worried about European financial companies, too. HSBC PLC, Europe's largest bank by market value, on Monday reported a 70 percent drop in 2008 net profit and said it needs to raise $17.7 billion and cut 6,100 jobs....

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