Fed to give AIG $85 billion loan and take 80% stake

Fed to give AIG $85 billion loan and take 80% stake

www.iht.com

In an extraordinary turn, the Federal Reserve agreed Tuesday night to take a nearly 80 percent stake in the troubled giant insurance company, the American International Group, in exchange for an $85 billion loan.

The Federal Reserve and Goldman Sachs and JPMorgan Chase had been trying to arrange a $75 billion loan for the company to stave off the financial crisis caused by complex debt securities and credit default swaps. The Federal Reserve stepped in after it became clear Tuesday afternoon that the banking consortium would not be able to complete the deal.

(visit the link for the full news article)

Well here it is folks. Tomorrow should be a little rosier. Instead of all out collapse triggering the circuit breakers and halting trading, we may see a semi normal day at Wall st.

However the problems are not solved, and what are going to be the long term consequences of this kind of activity?

www.iht.com
(visit the link for the full news article)

Chalk up another bailout. Disgusting. People need to wake up. Im seriously going to plan a protest of some sort. This is getting ridiculous.

Star for you.

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