The turmoil, which some say was inevitable given aggressive hiking cycles, exposes the dependency of advanced economies on cheap credit
Barack Obama is trying to dampen a fire he once stoked, urging a more tempered response to public furore over bonuses paid to executives of AIG.
Edward M Liddy, chairperson and CEO of AIG, has become the reluctant defender of princely employee bonuses that Congress finds indefensible.
United States Federal Reserve chairperson Ben Bernanke on Tuesday defended the government’s latest bailout of embattled insurer AIG.
American International Group lost -billion in just 92 days. That’s nearly 000 a minute. And it’s more money than Bill Gates’s net worth.
Wall Street headed for a big drop on Monday, one that could hurl the Dow Jones industrials below 7 000, after AIG posted a ,7-billion loss.
American International Group is close to a deal with the United States government that would ease the terms of its bailout.
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/ 12 October 2008
The world’s largest insurance company spent $440 000 on a corporate retreat days after accepting a $85-billion emergency government loan.
Days after it got a federal bailout, American International Group spent 000 on a posh California retreat for its executives.
The true impact of this plan lies in the limitations it will place on other areas of public spending, writes Bill Emmott.
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/ 19 September 2008
Who’s to blame? Indebted Americans? Alan Greenspan? Slack credit rating agencies? Greedy and overpaid chief executives?
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/ 18 September 2008
Morgan Stanley became the next great Wall Street name in peril on Thursday with reports it was in talks to be bought by Wachovia Corporation.
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/ 17 September 2008
The US government sought to raise -billion on Wednesday to help its central bank finance a rescue plan for insurance giant AIG.
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/ 17 September 2008
Capping an extraordinary day in financial markets, US authorities pieced together an emergency -billion rescue of insurance company AIG.
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/ 16 September 2008
Global equities tumbled for a second day running on Tuesday as anxious investors kept an eye on troubled US insurance giant AIG.
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/ 15 September 2008
United States stocks were in a dramatic sell-off on Monday morning amid a widening credit crisis.