Government provides record aid package to AIG

Gov't provides $150 billion aid package to insurance giant AIG; largest-ever private bailout WASHINGTON (AP) -- In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership. ADVERTISEMENT The action, announced by the Federal Reserve and the Treasury Department, was taken as it became increasingly clear that an original financial lifeline thrown to AIG in September would be insufficient to stabilize the teetering company. All told, the moves boost aid to the company to more than $150 billion. Fed officials, however, expressed confidence that the money would be repaid to taxpayers.

I've had it!!! Screw it let them fail i'm sick of this garbage. This isn't the only great news...look at all this...ALL in one day man....freakin pathetic.

Circuit City files for bankruptcy protection

Circuit City Stores Inc. filed for bankruptcy protection Monday, heading into the busy holiday season hoping the move will help the nation's second-biggest electronics retailer will be able to survive. ADVERTISEMENT The company said it made the filing because it was facing pressure from vendors who threatened to withhold products during the holiday period. The company also said it cut 700 more jobs at its headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers. Circuit City filed for Chapter 11 protection, which will allow it to keep operating while it develops a reorganization plan. Its Canadian operations also filed for similar protection.

Fannie Mae posts $29B loss, may tap gov't funding

Fannie Mae may tap $100 billion in gov't funding next year after posting $29B 3rd-quarter loss WASHINGTON (AP) -- Fannie Mae on Monday posted a $29 billion loss in the third quarter as it took a massive tax-related charge, and said it may have to tap the government's $100 billion lifeline in the coming months. The mortgage finance company, seized by federal regulators more than two months ago, posted a loss of $13 per share for the July-September quarter, mainly due to a $21.4 billion non-cash charge to reduce the value of tax assets. That compares with a loss of $1.4 billion, or $1.56 a share, in the year-ago period.

All articles found here: finance.yahoo.com...


I want my damn truck paid off. I want all my debt paid off. I'm having trouble. WHERE"S MY HAND OUT!!!!!!!!!!!!!! WHERE"S MY BILLION DOLLARS!!! Bunch of damn criminals!!!!!!!!!!!!!!!!!! AAAAAGAGAGAGA

GM shares plunge after analyst sees them hitting zero

NEW YORK (AFP) – General Motors shares plunged more than 30 percent Monday after an analyst forecast their price would fall to zero, saying that even if there is a government bailout of the auto giant, shareholders would not benefit. "We are lowering our target on GM equity to zero dollars," the Deutsche Bank report said. "Even if GM succeeds in averting a bankruptcy, we believe that the company's future path is likely to be bankruptcy-like," it said.

news.yahoo.com...

reply to post by David9176


Yep - lots of good news today. All I can say is thanks for the signature - at least that gave me a smile when I recognised the source !

It's becoming painfully obvious that the PTB / upper class CEO types will NOT give up their "comfort zones" so to speak. The only result will be a worsening of the situation. Perhaps that's what it will take for people to finally wake up and stand up.

Might as well get use to this. It is going to be a recurring theme for many years to come. Drive your business into the ground and the government will reimburse you for it.

Not only that...my g/f came home today and said that her company may start laying off....my work is dead slow also...Holy crap man. This blows and not one damn bit of it was my fault!!

I pay my bills and i didn't buy a house i couldn't afford and now i may get screwed because of it.

What a damn mess.

Originally posted by maudeeb
reply to post by David9176

 

Yep - lots of good news today. All I can say is thanks for the signature - at least that gave me a smile when I recognised the source !

It's becoming painfully obvious that the PTB / upper class CEO types will NOT give up their "comfort zones" so to speak. The only result will be a worsening of the situation. Perhaps that's what it will take for people to finally wake up and stand up.

Now you're getting it! The class of people that Obama's tax plan would reap the most money from also happen to be in the class that you describe: "the PTB / upper class CEO types will NOT give up their 'comfort zones' so to speak". It's a class digustingly motivated by greed, unwilling to compromise their ways of living. And since they don't give up their comfort zones, that means they CUT spending in other places, like jobs! This Robin-Hood tax plan of Obama's is doomed to failure for that very reason.

DHL also announced cuts of 9,500 jobs today.

reply to post by sos37


"You can claim chief thief-elect Obama as your president, but he will never be MY president." Sos37

How is he the chief thief? He won by a landslide. He won by millions. Bush LOST by a few thousand in 2000, won by about a million in 04, then McCain loses by MILLIONS! But Bush didn't steal 2000 and Obama stole 08? Is it because he's black? All black men must be thieves I guess... On topic, SCREW AIG! GM, Ford, Cheverolet could use that money and actually give jobs to Americans. AIG? I've never met or heard any one who worked for them. Or Lehman Brothers, so forth. But Ford and stuff? You hear about them all the time.

Originally posted by GamerGal
reply to post by sos37

 

On topic, SCREW AIG! GM, Ford, Cheverolet could use that money and actually give jobs to Americans. AIG? I've never met or heard any one who worked for them. Or Lehman Brothers, so forth. But Ford and stuff? You hear about them all the time.

(Ignoring your off-topic comments)

That's a bit closed-minded, don't you think? Just because YOU have never heard of anyone who works for AIG you don't consider them important to the well being of the American economy? Here's today's education for you. Pay attention to the first link - it comes right off your candidate's website.

* Most of AIG's employees are in America. They employ over 100,000 people.
(my.barackobama.com...)

And the rest, about 8,000 people, are employed around the world. Not to mention all of the member companies that they employ, such as Century 21 Insurance.

* AIG operates in more than 130 countries and jurisdictions
(www.aig.com...)

* AIG's assets weigh in at $1.04 Trillion (yes, with a T) as of June 30.

AIG's loss would affect the American economy not to mention the world economy, which comes back to hurt the American economy even more.
(blogs.wsj.com...)

Now as for Ford, they employ a lot of people. Some 280,000 around the world. But since they are more evenly distributed globally. Only 84m700 of those are employed in North America (www.detnews.com.../20080927/AUTO01/809270363/1148/rss25)

GM employs more than 200,000 worldwide with 110,000 in the U.S. (whybuyamericancars.com...)

and Chrysler currently employs about 49,000 in the U.S. and 83,000 world- wide. But according to this article, if Chrysler is acquired by GM, GM will kill 25,000 of those jobs
immediately (www.washingtontimes.com...). They are also not spread worldwide as well as ford and GM are.

the point is, Ford and GM can still operate even with the total loss of their North American operations because they are so widely spread out across the world. That also means the damage to the global economy is lessened which doesn't come back to bite the U.S. a second time. Chrysler - not so much. But they have been floundering for a long time, anyway.

So let's look at the percentage of American workers per company:

AIG Employees - Worldwide: 108,000; In U.S.: 100,000 - Percent in U.S.: 92.5%

Ford Employees - Worldwide: 280,000; In U.S.: 84,700 - Percent in U.S.: 30.25%

GM Employees - Worldwide: 200,000; In U.S.: 110,000 - Percent in U.S.: 55%

Chrysler Employees - Worldwide: 83,000; In U.S.: 49,000 - Percent in U.S.: 59%

If Chrysler merges with GM, then Chrysler no longer exists and then we adjust GM's numbers, minus 25,000 (assuming) jobs right off the top per the previous article, so GM's numbers change to the following:

GM Employees - Worldwide: 200,000 + (83,000 - 25,000) = 258,000; In U.S.: 49,000 (we're assuming best case scenario for the U.S., none of the 25,000 jobs lost were American jobs) + 110,000; Percent in U.S.: 61.2%

You also have to remember that it's unlikely that all three of these car companies would go bankrupt all at the same time.

So while the loss of any one of these companies will do irreparable harm to the U.S. economy, it's clear that the loss of AIG with its whopping huge dollar amount of assets and its large saturation of U.S. jobs would be the one that does the most harm if it goes under.