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Ahhhh...Corporations!
AIG Seeks Huge Loan As Stock Dives 61% By MATTHEW KARNITSCHNIG and LIAM PLEVEN September 16, 2008 American International Group Inc., its shares in free-fall, struggled Monday to pull off a tangled deal that involved placating state and federal regulators, convincing banks to give it a huge loan and staving off the credit-rating agencies that hold the giant insurer's fate in their hands. AIG stock fell 61%, knocking more than $18 billion off the company's stock-market value as investors feared the worst for the company, which became trapped in the massive decline in shares of financial companies that have been tarred by their holdings of securities tied to mortgages. The company, one of the world's most important financial institutions, turned to the government in earnest after a weekend where intense efforts failed to produce a plan to raise roughly $40 billion in capital. AIG needs the money to sidestep a potentially fatal downgrade by credit-rating firms. With AIG now tottering, a crisis that began with falling home prices and went on to engulf Wall Street has reached one of the world's largest insurance companies, threatening to intensify the financial storm and greatly complicate the government's efforts to contain it. The company is such a big player in insuring risk for institutions around the world that its failure could undermine the global financial system. Read the rest at the WSJ http://online.wsj.com/article/SB1221...ecial_coverage |
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