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The U.S. government rescued giant insurer American International Group in part because its collapse would dramatically hurt European institutions, a senior Democratic lawmaker said on Thursday.
The U.S. government has bailed out AIG three times since Sept. 16 and committed about $180 billion to keep the insurer alive and doing business.
"One of the reasons we had to rescue AIG was the fact that it was going to bring down Europe," Pennsylvania Rep. Paul Kanjorski told reporters after his subcommittee held a hearing on systemic risk.
When asked if he was concerned that some of the money going to AIG was going to European counterparties, Kanjorski said: "I am sure it is."
“George, my indicators which are right about 90% of the time are still indicating that we are going much further down from here. Now, the first target is Dow 7,859. After that we have resistance around 7,561, but those are only stops along the way. On a 15-minute chart it’s continuing to build the case for a decline to in the best case Dow 6,324, or in the worst case to Dow 4,611. And again, my targets get hit 90% of the time…”
GM delivers its latest request for more money
General Motors is teetering on the brink of financial chaos. GM says that its cash on hand is being depleted to levels where it will no longer be able to operate unless it gets $2B USD in additional loans at the end of March.
GM is pleading with the government to give it an expanded bailout, while President Obama and his staff are considering cutting GM off and letting it go bankrupt. GM has warned in the past that it cannot survive bankruptcy, and now it is "warning" the government yet again that it will go bankrupt without intervention and of the consequences that would have on the economy.
Originally posted by redhatty
reply to post by Rockpuck
GM Says It Will Pull Bankruptcy Trigger Unless It Gets More Money
Maybe they should consider jumping from that rooftop?
I'm sure every financial analyst and market adviser is shouting BUY! from the rooftops. I wonder if they would be if they were responsible for insurance on investments?