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the insurance giant reports daunting quarterly losses of $61.7 b

http://www.businessweek.com

Citing the "systemic risk" that would follow the collapse of insurer American International Group (AIG), the government on Mar. 2 announced another bailout for the company, restructuring the terms of existing loans and extending another $30 billion in credit. Meanwhile, AIG reported a huge loss of $61.7 billion in the fourth quarter—the largest in American corporate history. Most of the losses result from restructuring charges and writedowns on the value of assets. The new rescue effort—which gives the government equity in two of AIG's life insurance holding company subsidiaries—comes as efforts by AIG to shed assets to pay off a $60 billion loan from the Federal Reserve have faltered and rating agencies threatened to downgrade the company's credit. And it's not clear the Mar. 2 intervention by the government will be the last. That "depends on what happens to the capital markets in the near term," AIG CEO Edward Liddy said in an interview on the cable channel CNBC.

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2

Golf After Bailout at Northern Trust Prompts Outcry

http://www.bloomberg.com

Representative Barney Frank, the chairman of the House Financial Services Committee, yesterday co-signed a letter with 17 colleagues demanding that Northern Trust return money spent on the event. Senator John Kerry said he would introduce a bill banning firms getting U.S. aid from paying for conferences and parties.

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Created by Dr Who 4 years 22 weeks ago – Made popular 4 years 22 weeks ago

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2

Common sense missing in Obama bailout

http://www.miamiherald.com

There's a reason that English is the most widely spoken language on the planet: It's the most highly adaptable, capable of evolving to meet new needs in the blink of an eye. For example: Just last year, offering mortgages at a cheaper-than-market teaser interest rate with little or no money down was known as ''predatory lending.

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Created by Dr Who 4 years 23 weeks ago – Made popular 4 years 23 weeks ago

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2

USD and JPY higher bank bailout plan disappoints

http://mediaserver.fxstreet.com

USD and JPY traded higher initially supported by a fresh spike in risk aversion sparked by news that Russia may reschedule some of its corporate debt and a CNBC report which suggests that the bad bank plan may be left out of today’s announcement of the Obama financial stabilization plan.

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Created by Dr Who 4 years 25 weeks ago – Made popular 4 years 24 weeks ago

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